The Battle of Juventus Between Old and New Capital: Crypto Giants vs. Century-Old Family Feud

The symbol of Italian football, Juventus, is being swept into a capital war that concerns an era shift. Tether, the world’s largest stablecoin issuer, with a valuation approaching double, has launched an acquisition bid to the club, while the Agnelli family, which has controlled Juventus for over a century, has chosen to refuse. This seemingly simple business negotiation actually reflects a deep conflict between emerging wealth and traditional aristocracy on the global capital map.

From First Love to Cold Shoulder: The Road of Crypto Newcomers Hitting a Wall

In early 2025, Tether first entered Juventus’s sight. As the leader managing a massive financial machine with annual profits exceeding $13 billion, Paolo Ardoino decided to turn his gaze to his hometown’s pride—the most successful Italian football club in history. He initially acquired shares gradually through the open market, eventually increasing his stake to 10.7%, making him the second-largest shareholder after Exor Group.

In an official statement, Paolo rarely showed emotion: “Juventus has always been a part of my life.” Behind these words is a typical Italian childhood memory—olive groves, black-and-white striped jerseys, the cheers at Turin’s Allianz Stadium. Thirty-two years later, the former small-town boy has become a tech executive controlling hundreds of billions of dollars in assets worldwide, choosing to realize his childhood dreams with the wealth of a new era.

However, reality gave him a cold slap.

When Tether proposed to participate in the club’s capital increase plan, it was silently ignored by Exor Group. No emails, no calls, no explanations. This cold shoulder from the old world angered Paolo, who angrily posted on social media: “We hoped to increase our shares through capital injection, but this wish was ignored.”

A financial giant managing top global capital, only able to complain on social media like an ordinary investor. This contrast exposes a deep reality: in Italy, some doors are not open just because you have money.

The Barrier of Class: Old Money’s Defense Against New Money

To understand why the Agnelli family is so stubborn, one must trace back to the family’s century-long history.

In 1923, 31-year-old Edoardo Agnelli took over Juventus. From that moment, the Agnelli family’s fate was tightly linked to this team. The Fiat automotive empire rose during the industrial wave of the 20th century, and Juventus became another symbol of the family’s power—36 Serie A titles, 2 Champions League titles, 14 Italian Cups. These numbers not only represent honors but also signify a family deeply rooted in Italian society.

However, internal upheavals also shook the family. After tragedies and internal power struggles, grandson John Elkann was pushed to the center of power. To prove himself worthy of the Agnelli name, he spent 20 years restructuring Fiat, building Stellantis, the world’s fourth-largest car group, and taking Ferrari to the capital markets.

Meanwhile, cracks within the family became public. In such a fragile context, selling Juventus would be tantamount to announcing to the outside world that the family’s glory has ended. This is something John Elkann cannot accept.

In the values of old European money, the quality of wealth is subject to a clear disdain hierarchy. Every piece of wealth of the Agnelli family comes from the roaring machinery, steel, and sweat of the industrial era—visible, tangible assets representing order and a century-long social contract. Paolo’s money, on the other hand, comes from cryptocurrencies—a sector that has grown wildly and controversially over the past decade.

The lessons are right in front of us. Years ago, a blockchain company signed sponsorship contracts with several Italian aristocrats but ultimately failed due to funding issues. The 2022 crypto industry crash further fueled doubts among traditional aristocrats about this sector. In John Elkann’s eyes, Paolo is always an “outsider”—not because of his background, but because of the source of his wealth.

An Imminent Dilemma: The Decline Cycle of Italian Football

But on the other hand, Juventus truly needs money.

In July 2018, Juventus signed 33-year-old Cristiano Ronaldo, paying €100 million transfer fee plus a four-year contract with a €30 million annual salary after tax. This was the biggest transfer in Serie A history, and then-chairman Andrea Agnelli promised to use the Champions League trophy to prove the investment’s worth.

Fans crazily bought jerseys, with sales surpassing 520,000 in 24 hours, setting a football record. Everyone believed this team would eventually reach the pinnacle of Europe.

But the harsh reality was different. Ronaldo played three years at Juventus, with three Champions League eliminations—against Ajax, Lyon, and Porto. In August 2021, Ronaldo suddenly left. Later, accountants calculated that the total cost of signing Ronaldo reached €340 million, with him scoring 101 goals—an average of €2.8 million per goal.

For Italian football clubs, the significance of the Champions League goes far beyond honors—it directly affects cash flow. Broadcast revenue, matchday income, sponsorships—all are linked to Champions League performance. Once losing qualification, income plummets, forcing clubs to use accounting tricks to cover deficits.

Juventus began a series of problematic transactions. Selling Pjanic to Barcelona for €60 million, then buying Arthur for €72 million, artificially inflating capital gains by several tens of millions of euros. Investigations found that over three years, the club inflated profits by €282 million through 42 suspicious transactions.

After the scandal broke, the entire board, including the chairman, resigned collectively. The club faced points deductions, bans, and other penalties. This further intensified the vicious cycle: poor results → sharp income decline → inability to reinforce the team → worse results.

Starting from a €39.6 million loss in the 2018-19 season, Juventus’s financial situation worsened continuously. By the 2022-23 season, losses reached €123.7 million. From the peak of nine consecutive Serie A titles to now suffering annual huge losses, Exor Group has already injected funds into Juventus three times in two years, with the third in November 2025, nearly €100 million capital increase.

This team has become a negative asset for the entire Exor Group, dragging down the group’s net profit by 12% in 2024.

Public Confrontation of Old and New: The Unyielding Offer

Against this backdrop, Paolo decided on a risky move.

On December 12, he bypassed all private negotiations and directly announced a takeover bid on the Italian stock exchange: to acquire 65.4% of Exor Group’s shares at €2.66 per share, a premium of 20.74%, with an additional €1 billion investment. This is a full cash, unconditional offer, giving Exor only 10 days to consider.

This move cornered John Elkann. Juventus’s stock price soared immediately, and the market expressed a strong desire for “new money.” Headlines flooded the media, and all of Italy was waiting for the Agnelli family’s decision.

Unsurprisingly, the family refused. The Agnelli family issued a statement denying any sale negotiations, emphasizing their pride in being Juventus’s shareholder for over a century, “no intention to sell.” The implied message was clear: this is not just a business deal, but a territory of our family. You can enter, but don’t expect to become the owner.

Subsequently, rumors circulated that Tether was preparing to double the bid, pushing the valuation to €2 billion. But no matter how high the price, the sealed bronze gates seem unlikely to open.

Turning Point in the Global Landscape

However, the tide of the times is changing.

In the same week that Exor rejected Tether, Manchester City renewed a sponsorship deal with a crypto platform, with jersey front advertising valued at over €100 million. European giants like Paris Saint-Germain, Barcelona, and AC Milan have already established deep collaborations with crypto companies. In Asia, the K League in Korea and the J League in Japan are also beginning to accept crypto sponsorships.

The entry of new money into traditional industries controlled by old money is no longer a question of “whether,” but “how.” Football is just one battlefield. In art auctions, top global auction houses now accept cryptocurrencies; in real estate, luxury homes in Dubai, Miami, and other cities can be bought with Bitcoin. Similar conflicts are playing out worldwide.

The struggle over Italian football actually symbolizes a larger transformation. When a new generation of entrepreneurs creates enormous wealth in entirely new ways, do they have the right to sit at the long-controlled old money’s table?

To Be Continued: The Confrontation

The story is not over yet.

Behind that sealed bronze gate lies a century of industrial glory for the Agnelli family, the last remnants of the old era. Paolo’s knocking still echoes through Juventus’s corridors, and the childhood dream beneath the olive grove waits to be awakened again.

No matter how this capital war ends, one signal is already very clear: opening this door is no longer a question of “if,” but only “when.”