Football

Juventus: Exor board unanimously rejects Tether bid

The company is already the second largest shareholder with 11.53%. Proposal to take over the entire stake from the Elkann-Agnelli family holding company, which, however, rejects the proposal

12 December 2025Aggiornato il 13 dicembre 2025 alle 15:35

Weston McKennie della Juventus esulta dopo aver segnato il gol (1-0) durante la partita di calcio di Uefa Champions League Juventus FC vs Pafos FC all'Allianz Stadium di Torino, 10 dicembre 2025 ANSA/ALESSANDRO DI MARCO

3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

Tether Investments, a wholly owned subsidiary of Tether Holdings, has submitted to Exor's board of directors a binding non-agreed offer to purchase all the Juventus shares it owns, representing 65.4% of the share capital, according to public information available on the company's website. This was announced by Tether itself in an email from a certified address, which is also reflected in a post on X by the company's CEO Paolo Ardoino. Theter already holds 11.527% of the share capital of Juventus.

Exor's reply came in a close second: the holding company - according to sources close to the company - does not intend to sell its stake in Juventus either to Tether or to other parties. 'Juventus is not for sale,' the same sources added.

On 13 December at 15:20, a note from the Turin-based company reiterates that Exor's board of directors unanimously rejected the proposal presented by Tether Investments for the acquisition of all the shares of Juventus Football Club owned by Exor. Exor - reads a note - reiterates "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,' it added, 'is a historic and successful club, of which Exor and the Agnelli family have been proud and stable shareholders for more than a century, and they remain fully committed to the club, supporting its new management team in the execution of a clear strategy to achieve excellent results both on and off the pitch'

The terms

Tether's offer is at an all-cash purchase price of EUR 2.66 per share with an equity value for the acquisition of 100 per cent of the company of around EUR 1.1 billion. The press release emphasises, if the deal goes through, the commitment to provide the Bianconeri company with resources of around 1 billion 'to strengthen the first team and support the development and growth of the company'.

The Times

The binding offer will automatically lapse if Exor does not submit its written acceptance by 6pm on 22 December. The Agnelli family holding company led by John Elkann had just today denied rumours about the sale of a share in Juventus, but the reference was to a possible opening of the capital to Saudi prince Mohammed Bin Salman.

Tether explains that if the offer is accepted by Exor there will be 'subsequent negotiation and execution of a definitive sale and purchase agreement on terms that are deemed acceptable to both Tether and Exor. The closing will be subject to the authorisations of the competent authorities pursuant to the applicable provisions of law'.

"The binding offer," Tether further explains, "has been submitted in order to demonstrate Tether's strong belief in the possibility of concluding a mutually satisfactory transaction in a spirit of cooperation, which would be in the best interest of the company and its stakeholders. Tether has a strong balance sheet and financial position and intends to finance the transaction through its own resources and, accordingly, is not subject to any financing conditions'. Tether specifies that the binding offer has also been transmitted to the board of directors of Juventus 'for appropriate information and in a spirit of transparency and fairness'.

Should Exor accept the offer submitted by Tether, following the closing, Tether will launch a mandatory tender offer for the remaining share capital of the company at the same price. 'From the beginning, our goal has always been to support the team and bring it back to the glory it deserves,' Tether CEO Paolo Ardoino stressed on X.