Exor Blocks Tether’s Juventus Takeover Bid - Crypto Giant’s Football Ambitions Halted

Exor just slammed the door on Tether's play for Juventus—a move that cuts crypto's path into elite European football off at the knees.

The Blockade

Forget backroom deals and friendly negotiations. Exor—the Agnelli family's holding company and Juventus's controlling shareholder—delivered a straight 'no.' The message was clear: traditional finance isn't ready to hand the keys of a historic Serie A club to a stablecoin issuer, no matter how deep its pockets are.

Why It Matters

This isn't just about one football club. Tether's bid was a litmus test for crypto's acceptance in the old-money corridors of European sports. A successful acquisition would have been a landmark moment, signaling that digital asset firms could own and operate mainstream, culturally significant assets. Exor's rejection reinforces the moat—for now.

The Ripple Effect

Watch for this decision to echo. Other crypto-native entities eyeing sports, luxury brands, or legacy infrastructure just got a reality check. Regulatory scrutiny and institutional skepticism remain high hurdles. It turns out that having a balance sheet backed by billions in reserves doesn't automatically buy you a seat at the establishment's table—a classic case of 'show me the traditional revenue, not just the digital printing press.'

The Bottom Line

Exor's veto is a short-term setback, but it highlights the growing tension between disruptive crypto capital and entrenched institutional gatekeepers. The play for mainstream legitimacy continues, just with one fewer trophy on the potential shelf. For now, the beautiful game remains a fortress that even the deepest crypto war chest can't storm.

Tether’s all-cash proposal

On December 12, Tether, best known for issuing the USDT stablecoin, submitted a binding all-cash proposal to Exor to buy its 65.4% controlling stake in Juventus Football Club.

The offer was made directly to Exor and, if accepted, would be followed by a public tender offer for the remaining Juventus shares at the same price, subject to regulatory approvals. Tether said the transaction would be fully funded using its own capital.

Tether described the proposal as a long-term investment rather than a short-term financial play. The company said it views Juventus as a historic institution with global reach and cultural significance, and framed its interest as rooted in respect for the club’s legacy and identity within Italian football.

As part of the proposal, Tether said it was prepared to invest an additional €1 billion into Juventus following the acquisition. The funds WOULD be aimed at supporting the club’s development, strengthening sporting performance and helping it adapt to changes in the global sports and media landscape.

Exor responded by repeating that it has no intention of selling any of its Juventus shares to any third party. In a video message, Exor CEO John Elkann said that Juventus has been part of his family for more than a century and that the club’s history and values are “not for sale.”

The Agnelli family has owned Juventus for over 100 years, and Exor said it remains fully committed to backing the club’s current management and long-term strategy, both on and off the field.

Tether’s growing interest in Juventus

Tether has been steadily increasing its involvement with Juventus this year. In February 2025, Tether acquired a minority stake in Juventus Football Club, which marked their inaugural investment in the company. 

They later escalated their stakes to over 10%. Last month, its nominee, Francesco Garino, officially joined the club’s board, marking Tether’s first direct role in club governance.

Tether CEO Paolo Ardoino said the bid was driven by both financial strength and personal passion for the club, describing Juventus as a team he grew up supporting. 

Despite this, Exor wasted little time in killing the proposal, underlining how far apart Tether’s investment ambitions were from the emotional and historical ties the Agnelli family holds with the club.

The rejected bid has underlined a broader clash between the new crypto-backed capital and more traditional European football ownership, with Juventus standing as a symbol of where legacy outweighs price.

Also Read: Tether Weighs Buybacks and Tokenized Shares in $20B Raise