Agnellis' Holding Rejects Bid From Crypto Firm Tether for Soccer Club Juventus
By Najat Kantouar and Adria CalatayudThe holding company of Italy's Agnelli family rejected an offer from cryptocurrency issuer Tether for its majority stake in Juventus Football Club, in the latest attempt by a financial group to push into European soccer.Tether, operator of world's largest stablecoin, on Friday said it submitted a binding all-cash proposal to Exor, the Agnellis' holding company, for its 65.4% stake in Juventus and that it intended to make a public offer for the remaining shares. The price wasn't disclosed, but Tether said it was prepared to invest 1 billion euros ($1.17 billion) to support the Turin-based club if the deal went ahead.In response, Exor said Saturday that its board unanimously rejected Tether's unsolicited proposal. While majority owned by the Agnelli family's company, Juventus is publicly listed and had a market value of 832 million euros as of Friday's close, according to FactSet.European soccer clubs have drawn interest from the financial world lately, as private-equity groups and other financial backers seek to juice lucrative media rights and player transfers.Private-equity group Apollo Global Management last month agreed to acquire a majority stake in Spanish soccer club Atletico de Madrid. The ownership of two other top Italian clubs, Juventus's historic Milan rivals, changed hands in recent years as U.S. buyout group RedBird Capital took over AC Milan for some $1.2 billion in 2022 and U.S. investor Oaktree Capital seized control of FC Inter Milan last year.Tether said its bid aimed to support Juventus in a rapidly changing global sports and media landscape with stable capital and a long horizon from a position of strong financial health. The proposal reflected a belief in Juventus as more than a soccer club, Tether said.But Exor said it had no intention of selling any of its shares in Juventus to El Salvador-based Tether or any other third party."Juventus is a storied and successful club, of which Exor and the Agnelli family are the stable and proud shareholders for over a century, and they remain fully committed to the club," Exor said.Write to Najat Kantouar at [email protected] and to Adria Calatayud at [email protected]