In a bold move bridging cryptocurrency and professional sports, stablecoin issuer Tether has submitted a $1 billion bid to acquire complete ownership of legendary Italian football club Juventus FC. The unprecedented offer targets Exor's controlling stake along with all remaining shares, though the investment company has reportedly declined the proposal.
Tether, the company behind the world's largest stablecoin USDT, has made waves in the sports world with an ambitious $1 billion bid to acquire Serie A powerhouse Juventus FC. The proposal represents one of the most significant attempts yet by a cryptocurrency firm to enter the traditional sports ownership landscape.
The comprehensive offer includes purchasing the controlling stake currently held by Exor, the investment holding company controlled by the Agnelli family, along with acquiring all remaining outstanding shares. This would give Tether complete ownership of one of Italy's most storied football clubs, known globally for its black-and-white striped jerseys and illustrious history.
According to reports, Exor has rebuffed the initial approach, suggesting the Agnelli family may be reluctant to relinquish control of the Turin-based club they've owned for nearly a century. Juventus has been in the family's portfolio since 1923, making it a cornerstone of their sporting and cultural legacy in Italy.
Tether's move comes as the stablecoin giant continues diversifying its business interests beyond cryptocurrency. The company has been expanding into various sectors, including energy, telecommunications, and now potentially professional sports. With USDT maintaining a market capitalization exceeding $140 billion, Tether has substantial financial resources to pursue such ambitious acquisitions.
For Juventus, the potential acquisition arrives during a transitional period. The club has faced financial pressures in recent years, including challenges related to past accounting irregularities and the competitive demands of maintaining elite status in European football. A well-capitalized owner like Tether could provide significant investment opportunities for player acquisitions and infrastructure improvements.
The intersection of cryptocurrency and professional sports continues to deepen, with blockchain companies increasingly seeking partnerships and ownership stakes in major sporting franchises. However, Tether's bid represents a quantum leap in scale compared to previous crypto involvement in sports, which has primarily consisted of sponsorships and minor investments.
Whether this initial rejection marks the end of Tether's interest or merely the opening salvo in extended negotiations remains to be seen. The outcome could set important precedents for future cryptocurrency company involvement in traditional sports ownership worldwide.