Stablecoin issuer Tether’s dreams of fully acquiring Italian football club Juventus appear to have been dashed.
The board of directors of majority shareholder Exor unanimously rejected Tether’s binding, all-cash offer to buy the company’s 65.4% stake in Juventus, stating in a Saturday press release that it “does not intend to sell any of its shares in Juventus to a third party, including, but not limited to, El Salvador-based Tether.”
Tether publicly announced yesterday its offer to buy Exor, the holding company controlled by the Italian Agnelli family, whose multi-industrial business dynasty includes motor company Fiat, stating that the company had “deep admiration and respect” for the football club and planned to invest an additional $1 billion in its growth if the offer was accepted. Tether already owns a 10% stake in the club, but has long expressed a desire to take a more active role in the club.
A Tether spokesperson did not immediately respond to CoinDesk’s request for comment.
Juventus has faced ongoing financial challenges, recording recurring losses and requiring repeated capital injections, which have totaled more than 1 billion euros ($1.17 billion) over the past seven years.
In its press release, Exor called Tether’s offer “unsolicited” and reiterated the Agnelli family’s continued commitment to the team’s success.
“Juventus is a historic and successful club, of which Exor and the Agnelli family have been stable and proud shareholders for over a century, and remain fully committed to the club, supporting its new management team in executing a clear strategy to deliver solid results both on and off the field,” the press release states.
Neither Juventus nor Exor immediately responded to CoinDesk’s request for comment.
The price of a token linked to the football club, surged over 32% in the last 24 hours after the stablecoin giant revealed it was prepared to acquire the club. As of this writing, he still does not appear to have reacted to Exor’s announcement.
The stablecoin issuer is currently Juventus’ second-largest shareholder with an 11.53% stake in the club, behind Exor. Juventus shares fell 0.9% in Friday’s trading session to 2.194 euros ($2.58). The club’s total market capitalization is around $988 million.
