Off the post: Why Tether failed to buy Juventus

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Tether failed to buy Juventus

A high-profile offer

The past few days have been unusually tense for the football industry, after a potential buyer emerged for one of Italy’s most legendary clubs, Juventus. The bidder was Tether, the issuer of the world’s largest stablecoin, USDT. On December 12, the company announced its intention to purchase a controlling stake in the club from Exor, the holding company of the Agnelli family.

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The proposal was structured as an all-cash deal, valuing the team at around $1.3 billion, and also included a pledge to invest up to an additional €1 billion in the club’s development—subject to regulatory approval. However, the deal never moved forward.

The reason for the rejection was straightforward: Exor was not prepared to even consider the offer. The day after Tether’s announcement, the Agnelli family’s holding company publicly reaffirmed its stance—Juventus is not for sale, regardless of the size or origin of the bid. For the club’s owners, the decisive factor was not price, but a principled unwillingness to alter the club’s control structure, which remains a strategic asset and part of the family’s long-term legacy.

Interest with an eye on control

The attempt to buy Juventus was not a spontaneous move. Tether CEO Paolo Ardoino had been closely watching the club for some time, gradually building the company’s presence in its share capital. The first step came in February 2025, when Tether announced the purchase of a minority stake in Juventus.

That interest only deepened over time. In April, Tether increased its stake to more than 10% and then sought to expand its influence through corporate governance. The company backed Francesco Garino as a candidate for Juventus’ board of directors, and in November he secured the position. Against this backdrop, the December bid for a controlling stake appears to be a logical continuation of that strategy—particularly in light of Ardoino’s broader ambitions.

“For me, Juventus has always been part of my life. I grew up with this team and, as a boy, learned what commitment, resilience, and responsibility meant by watching the club face victories and setbacks with dignity,” Ardoino said. “Our interest in Juventus is rooted in respect for a symbol of Italian excellence with a truly global presence. Tether is ready to support the club with stable capital over the long term, helping it grow sustainably in a rapidly evolving sports and media landscape.”

Juventus’ financial challenges

The story would be incomplete without addressing Juventus’ financial context. In recent seasons, the club has become heavily reliant on support from Exor: the Agnelli family’s holding company has repeatedly injected capital to stabilize liquidity and keep the team operating at a level befitting its status. Although Juventus remains a publicly listed company, control is still firmly in Exor’s hands—allowing it to plug budget gaps when sporting results and commercial revenues fall short.

According to Italian sources, over the past eight years Juventus may have “burned” around €1 billion, as expenses consistently exceeded revenues. Maintaining competitiveness at the top level has required ongoing investment in the squad, wages, and infrastructure. Over time, this has turned into a series of ad hoc decisions: when planned player sales fail to materialize, the club has to turn directly to its owner for additional funding to preserve financial stability.

That is why Tether’s rejected offer looks, at the very least, puzzling. Given the strain on the club’s finances, Juventus could reasonably have considered major external funding as a way to reduce its dependence on constant capital injections from Exor.

Not everything is for sale

Ultimately, the situation surrounding the deal makes one thing clear: for Juventus’ owners, control matters more than financial pressures. Exor prefers to keep the club under family stewardship, even if that means continuing regular capital injections and remaining exposed to sporting performance. For the “Old Lady,” this is a choice in favor of long-term ownership and identity, rather than a one-off transaction—even one on record-breaking terms.

For Tether, however, the failed bid is unlikely to derail its broader strategy of expanding beyond the crypto market. The interest in Juventus fits into the company’s wider push to integrate digital assets into traditional industries—from sports to media and technology.

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