Exor Rejects Tether’s Attempt to Purchase Juventus Soccer Club
Tether’s aspiration to acquire a controlling interest in Juventus Soccer Club has faced a significant setback. Exor, the majority shareholder, has firmly dismissed Tether’s recent offer to buy its 65.4% stake in the club.
Exor’s Rejection of Tether’s Bid
In a public announcement made on Saturday, Exor’s board explained their unanimous decision not to sell any shares, including those to Tether. The statement emphasized their dedication to Juventus and the commitment of the Agnelli family, who have held a stake in the club for over a century.
Tether’s Proposal
On the eve of Exor’s announcement, Tether revealed it had made a binding cash bid to purchase the controlling stake. The firm had expressed its admiration for Juventus and proposed an additional investment of $1 billion to enhance the club’s growth if the acquisition succeeded.
Current Ownership and Financial Context
Tether currently holds an 11.53% stake in Juventus, making it the second-largest shareholder. The club has faced financial difficulties, with total capital injections exceeding €1 billion (approximately $1.17 billion) over the past seven years, resulting in consistent financial losses.
- Tether’s Current Stake: 11.53% in Juventus
- Exor’s Stake: 65.4% in Juventus
- Recent Financial Challenges: More than €1 billion invested over 7 years
- Market Capitalization: Approximately $988 million
- Juventus Share Price: €2.194 ($2.58) as of last trading session
Market Reaction
Following Tether’s bid announcement, the price of the Juventus-linked token surged by over 32% within 24 hours. However, after Exor’s rejection, the token’s performance remains to be seen.
Neither Juventus nor Exor provided comments regarding this situation. As the events unfold, it appears Tether will need to reassess its strategy regarding its involvement with Juventus.
