Tether decries exclusion from Juventus fundraising despite 10% stake in the club

Tether CEO Paolo Ardoino has expressed concerns about the management of Juventus Football Club. The stablecoin issuer, which recently increased its stake in the Italian Serie A club to more than 10%, said it had been prevented from investing further in the sports team.

According to a recent post by Ardoino, Tether is keen to be involved in any efforts to restore Juventus’ lost glory, but the team management has not allowed Tether to participate. The CEO’s post shows his frustration with the club.

Juventus is Italy’s most decorated football club. However, it has been struggling recently, both on and off the field. Ardoino stated that Tether wants to invest in Juventus to change that.

However, he complained that Juventus did not allow the stablecoin issuer to participate in its latest fundraising for €15 – €110 million, which it announced a month ago.

He said:

“We simply cannot contribute unless society allows us to. It is truly a shame to leave aside willing members who could invest significantly to help make Juventus Great again.”

Despite the post, Ardoino said that the company still plans to invest in Juventus as part of its plan to “Make Juventus Great Again.” The club finished fourth in a disappointing league campaign this year.

Juventus and Tether’s relationship strains

So far, the post has attracted mixed reactions. While some people criticize Juventus for shutting out Tether, others believe the issue should be addressed privately and with discretion. They advised that Tether may need a softer and less adversarial approach.

However, the public post by Ardoino might reflect a stronger underlying disagreement between the majority of Juventus owners and Tether. While the stablecoin issuer has a minority stake, Juventus is owned by the Agnelli family, the same owner as the Fiat automobile company.

The family has maintained control of the club since 1923, making Juventus the club with the single longest active ownership of all sports clubs in the world. With Tether coming, the company has outlined an ambitious plan for the club.

Ardoino had said in an earlier post that Tether wants to integrate blockchain technology into Juventus’s operations and help the club unlock its potential. The CEO has also said that the company wants to acquire more stake in the club.

Many now believe that the management of Juventus does not want Tether to increase its stake in the club. Although the company has not publicly explained its plans for the club, there are speculations that they may not align with Juventus management’s plans.

Interestingly, some fans back Juventus owners and their perceived decision to limit Tether’s stake. These fans believe that allowing Tether to have more say in Juventus’s operations could affect the club’s ideals.

These fans point to the struggles of rival club AC Milan under American investment company Redbird Capital. AC Milan finished eighth in Serie A this season.

Tether, being a crypto company, might also have been a major factor in its recent struggles with Juventus. Although more crypto companies are investing in sports sponsorship, concerns about the reputational risks of crypto companies remain.

In 2024, there were 26 new crypto sponsorships, according to CoinGecko. This is a significant increase compared to 2023 but is still below the 36 new deals in 2021 during a bull run that led to the collapse of several crypto firms the following year.

Juventus taps Damien Comolli as General Manager

Despite Ardoino’s criticisms, Juventus management has been trying to improve the club. The team recently hired Damien Comolli to become the general manager, which is expected to bring more experience, expertise, and strategic skills to the club.

According to the club’s announcement, Comolli has over 30 years of experience working with top European teams, including Arsenal, Liverpool, Fernabache, Tottenham Hotspur, and Toulouse. He is expected to head the Men’s Sport and Marketing & Commercial Directorates.

The club added that its legend Giorgio Chiellini will remain the Director of Football Strategy and that the new appointment will improve its organizational structure to face “new challenges with strong determination and renewed ambition.”

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