Exor rejects the bid and says Juventus is not for sale under any terms

Tether’s attempt to take full control of Juventus lands as one of the most senseless decisions in the history of soccer, because why are these guys trying to buy a team that the Agnelli family has held for more than a century?

Tether puts out an all-cash proposal to buy Exor’s 65.4% stake for €2.66 per share, valuing the club at around €1.1 billion. The offer gives Juventus a 21% premium over its Friday close in Milan. Tether also says it will add €1 billion for club development and promises to buy all remaining shares at a price “at least equal” to its initial offer.

Exor rejected the proposal right away. Exor says the board “unanimously rejects” the bid. John Elkann, the company’s Chief Executive Officer, says, “Juventus has been part of my family for 102 years,” and adds that four generations “have grown it, strengthened it, cared for it in difficult moments and celebrated it in happy ones.”

John also says, “Juventus — our history, our values — is not for sale.”

Agnellis holds Juventus while Tether increases pressure

The bid shows up while the Agnellis look at possible disposals, including a review of Gedi Gruppo Editoriale, but Juventus is not part of that process. The family has controlled the team for more than a hundred years.

The timing also meets Juventus at a difficult moment. The club sits seventh in Serie A and risks missing European competition, which would hit media and commercial income. The team has not matched the level it had during its run of nine straight Serie A titles, which ended in 2021.

The problems extend beyond the pitch. In 2023, Italy’s football federation took 10 points off Juventus after an investigation into how it accounted for player transfers. Juventus shares have fallen 27% this year.

None of this stops Tether. The crypto company now owns 11.5% of the team, a stake it built starting in February, and wants total control.

Paolo Ardoino, Tether’s Chief Executive Officer, says, “For me, Juventus has always been part of my life. I grew up with this team.” Paolo also says communication between shareholders has been “very, very limited.”

Tether brings cash while Exor keeps its identity

The gap between the two sides is wide. Exor has a net asset value of €36.4 billion and holds Ferrari, Stellantis, and Christian Louboutin. Juventus represents a small slice of Exor’s overall value.

Tether comes from a totally different background. It started in 2014, operated with no public offices for years, and opened its official headquarters in El Salvador in January. The company has no independent board and shares little about its structure.

Even with that, Tether earns a huge profit. USDT, the stablecoin, is the most used token in crypto. Tether’s latest attestation shows $181 billion in assets, including $135 billion in US Treasuries.

Profit passes $10 billion in the first nine months of 2025. Tether also invests in areas like AI and agriculture as it expands beyond crypto.

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