Tether makes bid to acquire football club Juventus

Cryptocurrency stablecoin issuer Tether has announced that it has launched a bid to fully acquire Italian professional soccer club Juventus Football Club, which has already reportedly been shot down.

Tether announced on Friday that it had submitted a binding all-cash offer to Exor, the Agnelli family’s holding company, for a 65.4% controlling stake in Juventus, which it has held for more than 100 years.

If Exor agrees, Tether will “offer its remaining shares to the public at the same price.” Juventus, a listed company with a market capitalization of 944.49 million euros ($1.1 billion), closed 2.3% higher at 2.23 euros ($2.62) on Friday.

However, AFP news agency reported that Tether’s bid had already been rejected and a source close to Exor said that “Juventus is not for sale.” Exor and Tether did not immediately respond to Cointelegraph’s requests for comment.

Tether commits $1.1 billion investment

Tether said it was prepared to invest 1 billion euros ($1.1 billion) in supporting and developing Juventus once the deal is completed.

“Tether is in good financial health and intends to support Juventus with stable capital and a long-term perspective,” Tether CEO Paolo Ardoino said.

“Juventus has always been a part of my life,” Ardoino added. “I grew up around this team. As a boy, I learned what dedication, resilience and responsibility meant by watching Juventus face success and adversity with dignity.”

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Tether, which issues the self-proclaimed stablecoin Tether (USDT), has begun investing in artificial intelligence, robotics, and health platforms as it looks to expand beyond tokens.

The company first purchased Juventus shares in February and raised its stake to more than 10% in April.