Crypto stablecoin issuer Tether has reportedly attempted to acquire Juventus Football Club, a prestigious Italian professional soccer club, but the club's majority shareholder has rejected the offer. Tether reportedly submitted an all-cash acquisition offer worth approximately 1.6252 trillion won (approximately $1.5 billion USD), but Juventus' owner, Exor, has reportedly stated that it has "no intention of selling."
Tether announced in an official statement on Friday that it had made a binding offer to Exor, which owns a 65.4% stake in Juventus. Exor is the investment holding company of the Agnelli family, which has owned Juventus for over 100 years. Tether said that if Exor accepts the offer, it will also make a tender offer for the remaining public shares on the same terms.
Juventus is listed on the Milan Stock Exchange, with a market capitalization of approximately $1.1 billion (approximately KRW 1.6252 trillion). On Friday, the day of the announcement, Juventus shares closed at โฌ2.23 (approximately KRW 3,299), up 2.3% from the previous day.
However, according to French news agency AFP, an Exor representative stated, "Juventus is not for sale," effectively rejecting Tether's offer. Neither party responded to CoinDesk's request for comment.
Along with this acquisition offer, Tether also announced a major investment plan for Juventus. If Juventus agrees to the sale, Tether will invest a total of โฌ1 billion (approximately KRW 1.4775 trillion) in the team's operations and long-term growth. "We are financially sound and ready to support Juventus with stable capital and a long-term perspective," said Tether CEO Paolo Ardoino.
This acquisition attempt is noteworthy because it demonstrates Tether's move beyond its core stablecoin issuance business to pursue alternative investments aimed at strengthening its brand value. However, taking on Juventus, one of Europe's most prestigious football clubs, appears daunting. Exor, with its family-led management structure, prioritizes non-financial factors and has been reluctant to pursue external sales.
๐ Market Interpretation
With this attempt, Tether sought to expand its reach into the traditional sports market and broaden its brand influence centered around stablecoins. However, the proposal's symbolic power and persuasiveness were deemed insufficient to overcome Exor's conservative management culture.
๐ก Strategy Points
It's noteworthy that Tether is expanding beyond the boundaries of the crypto industry to secure global brand assets. Going forward, Tether may make additional investments in real-world industries like sports and media, which could also influence regulatory scrutiny.
๐ Glossary
- Stablecoin: A digital asset that reduces the price volatility of cryptocurrencies by pegging their value to fiat currency.
- Exor: The holding company of the Italian Agnelli family, the largest shareholder of many companies including Stellantis and Ferrari.
- Public Offering: A method of acquiring corporate shares from general investors through public announcement rather than through a contract in the market.
TP AI Precautions
This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
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