Juventus Rejects Billion-Euro Crypto Offer

Juventus has firmly rejected a substantial €1.1 billion takeover bid from Tether, the world's most trusted stablecoin. The proposal, submitted by Tether's co-founder Giancarlo Devasini, aimed to acquire the 65.4% controlling stake held by Exor, the Agnelli family's holding company. Exor's board unanimously dismissed the unsolicited offer, signaling a strong commitment to the family's long-standing ownership of the club, which dates back over a century.

Despite the rejection, Tether, which already possesses an 11.5% stake in the club listed on the Milan stock exchange, has reiterated its ambition to be a positive force for change. The stablecoin firm has previously expressed a desire to "Make Juventus Great Again" and even submitted candidates for board consideration. The bid's timing is noteworthy, occurring amidst broader discussions about Exor's divestment of other assets and Juventus' recent financial struggles, having lost nearly a billion euros in the past five years.

John Elkann, head of the Agnelli family, emphasized the club's enduring legacy and its deep connection to his family, stating that "Juventus, our history and our values are not for sale." This sentiment underscores the unique bond between the club and the Agnelli dynasty, which has defined Juventus for over a century. The rejection solidifies the family's intent to retain control despite the club's recent uncompetitiveness and financial challenges.