Exor, the investment company controlled by Italy’s Agnelli family, said on Saturday its board had unanimously rejected an unsolicited approach from cryptocurrency group Tether to buy Exor’s stake in Juventus, keeping the Turin club under its long-time owners.
Exor said it had received a proposal from Tether Investments to acquire all of the Juventus shares held by Exor, which owns 65.4% of the listed Serie A side.
Exor added it had “no intention” of selling any of its shares in the club to a third party.
Tether, which issues the USDT stablecoin, said on Friday it had submitted a binding all-cash offer to Exor to acquire its entire stake and planned to extend the same price to other shareholders.
The company already holds 11.5% of Juventus.
Italian news agency ANSA reported Tether offered 2.66 euros per share, valuing Juventus at about 1.1 billion euros ($1.3 billion).
Juventus shares closed at 2.19 euros on Friday in Milan, implying the offer carried a premium of about 21%.
Reuters reported Tether also signalled it would be willing to invest up to 1 billion euros into the club if a deal goes ahead.
The bid came amid market talk about fresh investors, including from Saudi Arabia, prompting Exor on Friday to reiterate it was not looking to sell.
Tether’s chief executive Paolo Ardoino has described the bid as part of a plan to “Make Juventus Great Again”, echoing U.S. President Donald Trump’s campaign slogan.
Tether said earlier this year it was exploring ways to bring its wider businesses, including AI and biotech, into the sports industry.
Exor reiterated that the Agnelli family had been “stable and proud” shareholders of Juventus for more than a century and said it remained committed to backing the club’s new management team and strategy on and off the pitch.
Exor, listed in Amsterdam, is the biggest shareholder in companies including Ferrari, Stellantis, and CNH.
