Tether faces resistance from Juventus’ largest shareholder after acquisition bid

Tether’s bid for full control of Juventus faces strong resistance from the Agnelli family, the Italian dynasty that owns the football club, Bloomberg reported Friday, citing sources familiar with the situation.

The crypto giant announced hours ago that it had formally submitted a binding, all-cash bid to acquire a 65.4% stake in Juventus from Exor, the Agnelli family’s holding company. Juventus would secure a €1 billion investment from Tether if the deal goes through.

The club’s owner insisted there was no intention of selling after the bid became public, which aligns with previous remarks by Exor CEO John Elkann, who stated that they were not interested in a takeover but open to collaboration.

Tether is Juventus’ second-largest shareholder after earlier purchases. The company secured its first seat on the club’s board last month, becoming the first non-Agnelli-backed board member since 2001.

CEO Paolo Ardoino has made no secret of his goal to “make Juventus great again.”

“From the beginning, our goal has always been to support the team and bring it back to the glory it deserves,” he shared in a statement.

The club Ardoino grew up supporting has not posted an annual net profit in nearly a decade, and its shares have fallen about 28% this year. These factors may influence the Agnelli family’s decision.

The family has recently considered selling other underperforming assets, such as its media group Gedi.

Still, Juventus is much more central to the Agnelli family’s identity, and selling the club would be extremely controversial due to fan loyalty.