In brief
- Tether made an all-cash offer to Exor for the 65.4% of total shares it holds in Italian soccer club, Juventus.
- Tether purchased a minority stake in the club earlier this year.
- If approved, Tether said it will support the club’s growth with an investment of 1 billion Euros.
Stablecoin giant Tether is making a push to become the owner of Italian soccer club, Juventus.
The USDT issuer submitted a binding all cash proposal to acquire 65.4% of the club that is currently owned by Exor—a holding company for the Agnelli family, creators of car brand Fiat. Financial details were not disclosed.
“For me, Juventus has always been part of my life,” said Tether CEO Paolo Ardoino, in a statement. “I grew up with this team. As a boy, I learned what commitment, resilience, and responsibility meant by watching Juventus face success and adversity with dignity. Those lessons stayed with me long after the final whistle.”
Back in February, Tether acquired a minority stake in the club, which plays in Italy’s top soccer league, Serie A.
If accepted by Exor, Tether intends to make a public tender offer for the remaining shares at the same price. Should it be successful, the crypto firm says it will invest 1 billion Euros to support the development of the team.
“Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon,” said Ardoino. “Our goal is to contribute positively to the club’s future, to support sporting performance at the highest level, and to help Juventus continue to grow sustainably in a rapidly evolving global sports and media landscape.”
The firm has maintained an active approach to investing, recently joining an $81 million round in an Italian humanoid robotics firm. In November it snatched up another 1 million shares of video-sharing platform Rumble after announcing last year that it would invest $775 million in the YouTube rival.
Tether is considering tokenizing its stock, according to a Friday report from Bloomberg. The privately held company is reportedly seeking to raise $20 billion at a valuation of $500 billion.
A representative for Tether did not immediately respond to Decrypt’s request for comment.
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