Exor has rejected a $1.1 billion takeover offer from Tether, the world’s largest stablecoin issuer.
Juventus is staying put. Exor, the Dutch holding company of the Agnelli-Elkann family, has rejected a €1.1 billion offer from Tether, the world’s largest stablecoin issuer founded by Turin native Giancarlo Devasini. Already a 10% owner of the historic Piedmontese football club, Tether has decided to go all out, launching an unsolicited binding offer to acquire the entire 65.4% stake held by the Agnelli giant.
In a post published on X on December 12, Tether CEO Patrizio Ardoino announced with great fanfare his intention to purchase the Bianconeri football club:
"Today, Tether sent an official proposal to Exor to buy their entire stake in Juventus. From the beginning, our goal has always been to support the team and bring it back to the glory it deserves. As part of our commitment, if this transaction goes through, Tether will invest €1 billion in the club."
The outcome, however, was not as hoped: Exor denied any intention of selling Juventus, expressing veiled—but not overly so—annoyance at the demands of the fellow cryptocurrency company.
John Elkann reiterates: our values are not for sale
Not even 24 hours after Ardoino’s tweet, Juventus’s X profile put an end to any speculation about the deal by publishing a video in which none other than John Elkann, CEO of Exor, put his face to it. The Agnelli heir reiterated that the Bianconeri have been part of his family for 102 years and that, despite these extremely difficult times, he has no intention of changing ownership. The club’s history and values, therefore, are not for sale.
"Juve has been part of my family for 102 years, in the truest sense of the word. Over the course of a century, four generations have made it strong, cared for it in difficult times, and celebrated it in happy times. Juve is part of a much larger family, the Bianconeri family, made up of millions of fans in Italy and around the world, who love Juve as they love loved ones. Precisely because of this passion, this love story that has united us for over a century, as a family we continue to support our team and look to the future, to build a winning Juve. Juventus, our history, and our values are not for sale."
In addition to the unsolicited nature of the offer, what particularly outraged Exor was the price proposed by Tether. For the Agnelli family, Juventus is valued at at least €2 billion, determined not only by the sports club (and its brand) but also by the real estate associated with it, including assets such as the Allianz Stadium, the Allianz Training Center in Vinovo, and the Continassa Area, which includes the Juventus Training Center, the J|Hotel, the J|Medical, and the Juventus Museum.
Exor’s dig at Tether: "It’s based in El Salvador"
In a press release, Exor went even further. The text further reiterates the family values and tradition already referenced in the video, emphasizing the "Italianness" of the Juventus brand. The company thus places itself in stark contrast to Tether, which, as the statement points out, has its headquarters in El Salvador, a small Central American country, and is therefore only Italian "on paper":
"Exor reiterates its previous and consistent statements that it has no intention of selling any of its Juventus shares to third parties, including, but not limited to, Tether, based in El Salvador. Juventus is a historic and successful club, of which Exor and the Agnelli family have been stable and proud shareholders for over a century. They remain fully committed to the Club, supporting its new management team in executing a clear strategy to achieve significant results both on and off the pitch."
Exor’s response therefore leaves no room for doubt: Juventus is not "selling off" and, above all, it remains Italian, in the home that has been its home for over a century.
Original article published on Money.it Italy. Original title: La Juventus non è in vendita. Gli Elkann rifiutano l’offerta di acquisto da €1,1 miliardi
