MILAN, Dec 13 : Italy’s Agnelli household has no intention of promoting Juventus to crypto group Tether or anybody else, the CEO of their holding firm mentioned on Saturday, rejecting Tether’s shock supply for Italy’s most profitable soccer membership.
“Juventus, our history and our values are not for sale,” mentioned Exor CEO John Elkann, who wore a group hoodie in a uncommon video deal with posted on the Turin-based Serie A membership’s web site.
Tether, headquartered in El Salvador and run by Italian Paolo Ardoino, a Juventus supporter, mentioned on Friday it had submitted an all-cash proposal to purchase Exor’s stake within the membership.
Tether mentioned it might make a public tender supply for the remaining Juventus shares on the identical worth and it deliberate to speculate one billion euros to help the membership identified in Italy as Juve if the deal goes forward.
The crypto firm is providing Exor 2.66 euros per share, a supply accustomed to the matter mentioned, valuing Juventus at simply over one billion euros ($1.17 billion) and providing a 21 per cent premium over Juventus’ closing share worth of two.19 euros.
Amsterdam-listed Exor mentioned in an announcement its board had unanimously rejected the supply and had “no intention of selling any of its shares in Juventus to a third party”.
Juventus has not made an annual internet revenue for nearly a decade, and its shares are down 27 per cent to date this yr.
TETHER STABLECOIN PEGGED TO DOLLAR
Tether, the issuer of a U.S. dollar-referenced stablecoin dubbed USDT, has already constructed a stake of greater than 10 per cent in Juventus this yr, changing into its second-largest shareholder.
By buying a European soccer membership, Tether – whose enterprise faces mounting EU regulatory scrutiny – might hope to achieve credibility with the continent’s institution, whereas boosting its wider recognition.
Tether mentioned it’s proposing to purchase Exor’s 65.4 per cent of the full Juventus share capital, with out formally disclosing a worth.
Exor, the biggest shareholder in automaker Stellantis and which controls sports activities car-maker Ferrari, has been streamlining its Italian portfolio.
This yr it agreed the sale of truck maker Iveco to India’s Tata Motors, and mentioned on Monday it was in talks with Greek media group Antenna to promote its news operations, together with two main newspapers and three widespread radio stations.
A sale of Juventus would probably be seen because the clearest signal but of the household’s gradual disengagement from their house nation. The household’s ties with the membership date again to 1923 when Edoardo Agnelli grew to become chair, and Elkann mentioned in November that the household had no intention of promoting shares.
Investors, led by Exor, have poured round a billion euros of recent money into Juventus up to now seven years.
JUVENTUS HAS STRUGGLED IN LAST FIVE YEARS
Juventus has gained the Italian championship 36 instances, greater than another group, however has struggled since a ninth consecutive title in 2020. It presently sits in seventh place in Serie A.
Once house to stars akin to Michel Platini, Roberto Baggio, Alessandro Del Piero and Cristiano Ronaldo, Juventus has helped the Agnellis construct consensus and recognition in Italy.
Its help has weathered match-fixing and monetary scandals, the latest in 2023, when a false accounting case linked to participant buying and selling led to a 10-point deduction in Serie A.
Juventus was additionally a driving drive behind the failed try and launch a breakaway European Super League with a dozen different high golf equipment in 2021, difficult the authority of European soccer’s governing physique UEFA.
Like different main Serie A groups, it has had a tough time remaining aggressive financially amid the rising dominance of England’s Premier League and European powerhouses akin to Real Madrid, Barcelona and Paris Saint-Germain.
Tether’s USDT accounts for greater than half the market of stablecoins pegged to the dollar, the Bank of Italy says.
It had a market capitalization of round $186 billion as of Friday. The token is backed by U.S. Treasuries and {dollars}, and Tether is without doubt one of the 20 largest holders of U.S. authorities debt.
Stablecoins are digital tokens that goal to keep up a steady worth via a one-to-one peg to a conventional forex. They are backed by reserves, authorities bonds or deposits.
($1 = 0.8519 euros)