Exor has unanimously rejected Tether’s proposal to acquire its 65.4% controlling stake in Juventus Football Club.
Summary
- Exor rejected Tether’s proposal of €1.1 billion in cash to acquire control of Juventus.
- Tether offered 2.66 euros per share plus a promise of investment of 1 billion euros for the club.
- The Agnelli family reaffirmed its centenary commitment to the ownership of Juventus.
The Agnelli family holding company announced the decision on December 13, 2025, a day after Tether submitted its binding cash offer valued at approximately €1.1 billion.
Exor fixed “He has no intention of selling any of his shares in Juventus to a third party, including, but not limited to, Tether, based in El Salvador.”
The board of directors described Juventus as “a historic and successful club, of which Exor and the Agnelli family have been stable and proud shareholders for more than a century.”
Tether offered 2.66 euros per share with a promise of investment of one billion euros
restraints The proposal valued Juventus shares at €2.66 each, representing a 21% premium over the December 12 closing price of €2.19. The offer included a commitment to invest an additional billion euros in the development of the club if the transaction was closed.
The stablecoin issuer planned to follow the Exor acquisition with a takeover bid for all remaining Juventus shares at identical prices.
Tether CEO Paolo Ardoino called the offer personally motivated and called himself a lifelong supporter who “grew up with this team.”
Exor CEO John Elkann emphasized the family’s century of management. “Juventus has been part of my family for 102 years. Four generations have cultivated it, strengthened it, cared for it in difficult times and celebrated it in happy times,” said Elkann.
Tether already owns an 11.5% stake as the second largest shareholder
Tether has accumulated an 11.5% position in Juventus since February 2025, making it the club’s second largest shareholder behind Exor. The acquisition of the stake preceded the formal acquisition proposal by several months.
The rejection leaves Tether’s strategic options limited. The company can maintain its minority stake, potentially increase it through open market purchases below the control threshold, or dispose of the position entirely.
The Agnelli family has controlled Juventus since 1923, going through multiple crises, including the 2006 Calciopoli scandal that saw the club relegated to Serie B.
The family maintained the property throughout the episode and the subsequent reconstruction.
