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One of the world’s largest cryptocurrency firms, Tether, has submitted an offer to buy a controlling stake in Juventus from the Agnelli family holding company Exor.
Giancarlo Devasini, the chairman of Tether — who have already built an 11.5% stake in Juventus, the football club listed on the Milan stock exchange — is from Turin, the city Juventus call home.
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In a statement confirming the offer, Paolo Ardoino, Tether’s CEO, said the firm is “prepared to invest €1billion in the support and development of the club”.
Ardoino, a Juventus supporter, added: “I grew up with this team. As a boy, I learned what commitment, resilience, and responsibility meant by watching Juventus face success and adversity with dignity.”
At Juventus’ AGM in November, Paolo Garino, a Tether nominee, was named on the club’s board. Tether runs the world’s biggest stablecoin with $184bn in circulation.
Juventus has been controlled by the Agnelli family for more than a century and they are the longest standing owners in world football. Generations of the family have helped make it Serie A’s most successful club. Their closest domestic rival, Inter Milan have won the Scudetto on 20 occasions while Juventus have won the league 36 times.
Sources close to Exor, who spoke on the condition of anonymity, told The Athletic that the company does not intend to sell its stake in Juventus to Tether or any other party. The club is not for sale.