Juventus Stock Soars on Tether’s Bid

BY NAJAT KANTOUAR AND ADRIÀ CALATAYUD

Shares of Juventus Football Club, one of Europe’s most storied soccer teams, jumped Monday after cryptocurrency giant Tether offered to buy the club from Italy’s Agnelli family, which rejected the bid.

The move marks the latest attempt by a financial group to push into European soccer and pits El Salvador-based Tether, operator of the world’s largest stablecoin, against a family that has been involved in the club for more than a century.

Shares of Juventus jumped more than 18% in Milan, coming back after this year’s losses.

The stock finished the day’s trading at €2.60, bringing its market capitalization to €985.72 million, or $1.16 billion.

Tether on Friday said it submitted a binding all-cash proposal to Exor , the Agnellis’ holding company, for its 65.4% stake in Juventus and that it intended to make a public offer for the remaining shares.

The price wasn’t disclosed, but Tether said it was prepared to invest €1 billion, or $1.17 billion, to support the club if the deal goes ahead.

In response, Exor said Saturday that its board unanimously rejected Tether’s unsolicited proposal.

While majority owned by the Agnelli family’s company, Juventus is publicly listed. Tether has an 11.5% stake, according to the club’s website.

European soccer clubs have drawn interest from the financial world lately, as private- equity groups and other financial backers seek to juice lucrative media rights and player transfers.

Private-equity group Apollo Global Management

last month agreed to acquire a majority stake in Spanish soccer club Atletico de Madrid.

The ownership of two other top Italian clubs, Juventus’s historic Milan rivals, changed hands in recent years as U.S. buyout group RedBird Capital took over AC Milan for some $1.2 billion in 2022 and U.S. investor Oaktree Capital seized control of FC Inter Milan last year.

Tether said its bid aimed to support Juventus in a rapidly changing global sports and media landscape with stable capital and a long horizon from a position of strong financial health.

The proposal reflected a belief in Juventus as more than a soccer club, Tether said.

But Exor said it had no intention of selling any of its shares in Juventus to Tether or any other third party.

“Juventus is a storied and successful club, of which Exor and the Agnelli family are the stable and proud shareholders for over a century, and they remain fully committed to the club,” Exor said.