Stablecoin issuer Tether's attempt to enter the elite world of European soccer has hit a major roadblock after Exor, the investment holding company controlled by Italy's Agnelli family, rejected the crypto firm's bid to purchase Juventus FC. The rebuff marks a significant setback for Tether's expansion into traditional sports ownership and highlights ongoing skepticism about cryptocurrency companies entering legacy industries.
Tether, the company behind the world's largest stablecoin USDT, has been turned down in its bid to acquire Italian soccer powerhouse Juventus FC, according to reports emerging this week. The rejection came from Exor NV, the Dutch holding company controlled by the prominent Agnelli family, which holds majority ownership of the Turin-based club.
The proposed acquisition would have represented a landmark moment for cryptocurrency's intersection with professional sports, potentially making Juventus the first major European soccer club to fall under crypto company ownership. However, Exor's decision to reject the offer underscores the continuing hesitation among traditional business entities to embrace cryptocurrency firms as partners in high-profile ventures.
Juventus, one of Italy's most storied and successful clubs with a trophy cabinet including 36 Serie A titles and two UEFA Champions League victories, has faced challenging times both on and off the pitch in recent years. The club has grappled with financial difficulties and sporting setbacks, including point deductions related to transfer market irregularities. These circumstances may have made it an attractive target for Tether, which has been seeking to diversify its business interests beyond stablecoin operations.
Tether has demonstrated significant financial muscle in recent years, regularly reporting substantial profits from its stablecoin operations. The company has previously explored various investment opportunities outside the cryptocurrency sector, viewing such moves as strategic diversification. Acquiring a prestigious soccer club like Juventus would have provided Tether with mainstream legitimacy and a powerful marketing platform in one of the world's most popular sports.
The Agnelli family's decision through Exor to maintain control suggests they remain committed to the club's long-term vision despite recent turbulence. For the broader cryptocurrency industry, this rejection serves as a reminder that despite growing acceptance, crypto companies still face resistance when attempting to purchase prestigious traditional assets.
Neither Tether nor Exor has issued official public statements providing details about the terms of the rejected offer or the specific reasons behind the decision. The development leaves questions about whether Tether will pursue other sports franchises or redirect its expansion ambitions elsewhere.