Exor turns down Tether’s €1.1B offer for Juventus, keeping Agnelli family in control
Exor, the holding company of Italy’s Agnelli family, has firmly rejected a takeover proposal from stablecoin issuer Tether for its controlling stake in Juventus Football Club, closing the door — at least for now — on one of the most high‑profile potential crossovers between crypto and elite European football.
On December 13, 2025, Exor announced that its board had unanimously refused Tether’s binding, all‑cash bid to acquire the company’s 65.4% shareholding in Juventus. The offer, submitted the previous day, valued Exor’s stake at roughly €1.1 billion and was structured around a per‑share price of €2.66.
That price represented a 21% premium to Juventus’ closing share price of €2.19 on December 12, underscoring Tether’s willingness to pay a significant markup to wrest control of one of Europe’s most historic clubs. Despite the premium and a promise of heavy future investment, Exor made clear that Juventus is simply not for sale.
In its statement, Exor stressed that it “has no intention of selling any of its shares in Juventus to a third party, including but not restricted to El Salvador‑based Tether.” The language leaves little room for negotiation and signals a strong desire to preserve the Agnelli family’s more than century‑long stewardship of the club.
The board described Juventus as “a storied and successful club, of which Exor and the Agnelli family are the stable and proud shareholders for over a century.” The message was as much symbolic as financial: Juventus is being treated as a legacy asset tied to family identity, not just a line item in an investment portfolio.
Under Tether’s proposal, the €2.66 per‑share offer for Exor’s controlling stake was only the first step. The company had planned to launch a subsequent mandatory tender offer to buy out remaining minority shareholders at the same price, effectively taking control of the entire club under a unified ownership structure. In addition, Tether pledged to inject a further €1 billion into Juventus for club development after the acquisition, targeting sporting infrastructure, commercial expansion, and brand growth.
For Tether, the attempted deal was more than a financial play. CEO Paolo Ardoino framed the bid as deeply personal, describing himself as a lifelong Juventus fan who “grew up with this team.” By positioning the offer in emotional terms, Tether sought to present itself not just as a crypto giant seeking a marketing vehicle, but as a committed, long‑term custodian of the club.
On the other side, Exor’s chief executive John Elkann emphasized continuity and heritage. “Juventus has been part of my family for 102 years. Four generations have grown it, strengthened it, cared for it in difficult moments and celebrated it in happy ones,” he said, reinforcing the perception that selling the club would mean breaking a historic family bond that stretches back to 1923.
Tether is not an outsider to Juventus’ shareholder base. Since February 2025, the company has quietly built up an 11.5% stake in the club, making it the second‑largest shareholder behind Exor. This accumulation took place months before the formal takeover proposal and signaled a deliberate, phased strategy: first securing a meaningful minority position, then attempting to convert it into full control via a premium bid.
With Exor’s flat refusal, that strategy now hits a wall. Tether’s options going forward are constrained. It can hold onto its 11.5% stake and function as a significant but non‑controlling shareholder, potentially seeking influence through board representation or strategic proposals. It could try to slowly increase its position via market purchases while staying beneath regulatory thresholds that trigger mandatory takeover obligations. Alternatively, it might choose to unwind its stake, exiting the club if it sees no realistic path to influence or control.
The episode also highlights the enduring strength of the Agnelli family’s grip on Juventus. Having controlled the club for more than a century, the family has navigated multiple eras of turmoil and transformation in Italian and European football. One of the most severe tests came in 2006 during the Calciopoli scandal, which resulted in Juventus being relegated to Serie B and stripped of league titles. Even then, the family refused to abandon the club, overseeing a rebuilding process that eventually brought Juventus back to the summit of Serie A and into repeated Champions League campaigns.
That history of resilience feeds into Exor’s current posture. For the Agnellis, ownership seems to be tied to identity and legacy, making it unlikely that even a large financial premium would be enough to trigger a sale. This may prove frustrating for potential suitors but offers a sense of stability to supporters accustomed to family control.
The failed bid is also a revealing moment in the broader trend of crypto‑linked companies courting top‑tier sports properties. In recent years, clubs and leagues across football, basketball, and motorsport have signed sponsorship deals with exchanges, token platforms, and blockchain firms. Tether’s attempt to go further — from partner to outright owner — would have marked a new phase in that relationship, signaling that digital asset companies see sports franchises not just as marketing vehicles but as long‑term strategic assets.
At the same time, Tether’s involvement would likely have attracted close regulatory and public scrutiny. The company is one of the most influential players in the digital asset ecosystem as the issuer of a leading dollar‑pegged stablecoin used globally in trading and payments. Questions around transparency, reserves, and systemic risk have frequently surrounded large stablecoin issuers, and owning a club of Juventus’ stature could have turned those debates into a mainstream topic for fans, politicians, and regulators.
From Juventus’ perspective, Exor’s decision removes near‑term uncertainty about a possible change of control. A new owner — particularly one from the crypto sector — would almost certainly have reshaped the club’s strategy, from commercial partnerships to digital fan experiences, tokenization of memberships, or experimentation with on‑chain ticketing and merchandising. While some of these innovations might still be pursued via partnerships, Exor’s stance suggests they will be implemented, if at all, under family oversight rather than under a new corporate regime.
Financially, the rebuffed offer also raises questions about valuation and ambition. By turning down a 21% premium on the market price, Exor is effectively signaling that it believes either the current listed price undervalues Juventus’ long‑term potential or that the non‑financial value of continued control compensates for any foregone profit. Investors and analysts will be watching how Juventus performs in sporting and commercial terms over the coming seasons to see whether that conviction is rewarded.
For Tether, the Juventus chapter will likely influence how it approaches future moves into traditional industries and branded assets. The company has made clear it views sports as a strategic arena where global audiences, digital engagement, and financial innovation intersect. Even without control of Juventus, it may pursue other clubs or leagues, or double down on sponsorships and technology partnerships rather than ownership.
The situation also underscores a broader tension emerging in global football ownership: the clash between historic family or member‑based control and the influx of new capital from sovereign funds, private equity, and now crypto‑native players. While many clubs have already transitioned to new ownership models, Juventus under Exor appears intent on remaining an exception — a flagship institution anchored to a long‑standing industrial dynasty.
In the near term, fans are unlikely to see immediate visible changes arising from the rejected bid. The team’s sporting project, management structure, and commercial strategy will continue under the existing governance. However, the awareness that a global crypto heavyweight was willing to pay a substantial premium and pledge an extra €1 billion for development could fuel internal debates about how aggressively Juventus should invest in its future to compete with state‑backed and billionaire‑owned rivals.
Longer term, the episode may come to be viewed as an early test case in a new era where digital asset giants try to cross over into legacy sectors like sport, media, and entertainment through ownership rather than just marketing. Whether Exor’s firm “no” proves to be an outlier or a template for other traditional owners wary of such suitors remains to be seen.
For now, the outcome is clear: Tether remains a powerful minority shareholder with limited strategic leverage, while Juventus stays firmly under Agnelli family control, continuing a 102‑year‑old relationship that has weathered crises, scandals, and radical shifts in the football business — and has just turned away one of the most unconventional would‑be buyers the sport has seen.