Tether's ambitious Juventus plan fails due to resistance from the Agnelli dynasty

The world’s leading stablecoin platform Tether experienced its most ambitious expansion into professional football with a failed takeover bid for the Italian top club Juventus Turin. The initiative not only reveals the limits of crypto companies in acquiring traditional institutions but also highlights the determination of historic family empires to maintain control.

The takeover offer and its immediate rejection

In December 2024, Tether submitted a binding takeover bid of €1.1 billion. The offer targeted the 65.4 percent shares held by the Agnelli family through their holding company Exor. The €2.66 per share offer represented a premium of over 20 percent compared to the stock price on December 11. If the transaction had succeeded, Tether announced it would launch a public takeover offer for the remaining shares at the same price. Additionally, the company planned investments of up to €1 billion into the club’s sporting and commercial infrastructure.

The acceptance period ended on December 22 – without any response. The Agnelli family categorically rejected the offer. Exor spokespersons emphasized to Italian media that there were no intentions to sell and that reports were merely “press rumors.” Bloomberg reported that the family would not relinquish their stake in Tether or other potential buyers. The position reflects the historical bond – the Agnellis have controlled Juventus for over a century and continue to shape the club’s sporting and economic direction to this day.

Tether’s financial strength and strategic goals

Tether CEO Paolo Ardoino, who positions himself as a long-time Juventus supporter, presented the initiative as a serious restructuring attempt. The company currently manages a market capitalization of $186 billion with the USDT stablecoin and could have fully financed the planned acquisition with its own funds – independent of stablecoin reserves. These are approximately 78 to 80 percent backed by U.S. government bonds and have an over-collateralization of 109 percent.

Since February 2024, Tether had gradually built up its stake in Juventus. In April, the company increased its position to over 10 percent and appointed a representative to the board of directors. This gradual accumulation indicates a long-term takeover strategy.

The financial situation of Juventus as context

The €1.1 billion valuation is set against the backdrop of significant financial burdens for the historic club. In the 2023/24 fiscal year, Juventus recorded a pre-tax loss of €196 million. In the following year, the loss was reduced to €58 million, but total losses between 2014 and 2025 amount to an impressive €999 million. Net financial debt stands at around €280 million, while equity is only €13.2 million.

Despite these challenges, analysts argued that Tether’s offer was below the club’s actual value. Juventus’s updated business plan aims for break-even by the end of the 2026/27 season – assuming the club achieves the necessary success on the field and qualifies consistently for the UEFA Champions League. Returning to Europe’s elite competition in 2024/25 is expected to significantly improve revenue.

Tether’s previous engagement strategy in football

The Juventus initiative marks Tether’s most ambitious move into professional football so far but differs fundamentally from previous activities. In 2023, the company began its sporting presence through the Plan B initiative, a partnership with the city of Lugano to promote Bitcoin adoption. Plan B acts as the sole jersey sponsor of FC Lugano and enables payments for tickets, merchandise, and stadium food in Bitcoin and USDT. Lugano accepts both cryptocurrencies for municipal services and tax payments.

Juventus’s fan token (JUV) initially responded with a 30 percent increase in price to the takeover bid, but these gains proved short-lived once the rejection became public.

Strategic implications and significance

Tether’s failed initiative demonstrates the limits of crypto companies in controlling traditional European institutions. While other top international clubs have established fan token models, Tether pursued a more direct approach of full control. This would have allowed the company to use Juventus as a platform for the global adoption of USDT and Bitcoin.

However, the rejection underscores that family conglomerates like Exor are unlikely to part with their historic assets – especially those with century-old traditions – lightly to external investors, regardless of their financial capacity. Tether’s expansion strategy in the sports sector will likely need to focus on clubs with different ownership structures in the future.