Crypto stablecoin issuer Tether said it has launched a bid to totally acquire Italian skilled soccer club Juventus Football Club, which has reportedly already been shot down.
Tether said on Friday that it had submitted a binding money proposal to Exor, the Agnelli family's holding company, for its 65.4% majority stake in Juventus, which the corporate has held for over 100 years.
If Exor agrees, Tether will make a “public offering for the remaining shares at the identical price.” Juventus is a listed company with a market capitalization of 944.49 million euros (US$1.1 billion). The stock market closing price rose 2.3% to 2.23 euros ($2.62) on Friday.
However, AFP reported that Tether's offer has already been rejected, and a source near Exor said that “Juventus shouldn’t be on the market.” Exor and Tether didn’t immediately reply to Cointelegraph's request for comment.
Tether guarantees an investment of $1.1 billion
Tether said it might be willing to speculate 1 billion euros ($1.1 billion) to support and develop Juventus if the deal closes.
“Tether is financially strong and intends to support Juventus with stable capital and a long-term horizon,” said Tether CEO Paolo Ardoino.
Source: Tether
“For me, Juventus has all the time been an element of my life,” Ardoino added. “I grew up with this team. As a boy, I learned the meaning of commitment, resilience and responsibility by watching Juventus overcome success and adversity with grace.”
Tether, which issues the self-proclaimed stablecoin Tether (USDT), has sought to expand its business beyond the token and has begun investing in artificial intelligence, robotics and a healthcare platform.
The company first acquired a stake in Juventus in February and increased its stake to over 10% in April.
Since then, the corporate has sought to strengthen its influence over the club and in October nominated its deputy investment chief Zachary Lyons to the football club's board together with Francesco Garino.
The offers have paid off as Juventus shareholders approved the appointment of Garino to the board last month.
