Exor says no to Tether’s Juventus acquisition proposal

Exor has unanimously rejected Tether’s proposal to acquire its controlling 65.4% stake in Juventus Football Club.

The Agnelli family holding company announced the decision on December 13, 2025, one day after Tether submitted its binding all-cash offer valued at approximately €1.1 billion.

Exor stated it “has no intention of selling any of its shares in Juventus to a third party, including but not restricted to El Salvador-based Tether.”

The board called Juventus as “a storied and successful club, of which Exor and the Agnelli family are the stable and proud shareholders for over a century.”

Tether offered €2.66 per share with €1 billion investment pledge

Tether’s proposal valued Juventus shares at €2.66 each, representing a 21% premium over the December 12 closing price of €2.19. The offer included a commitment to invest an additional €1 billion in club development if the transaction closed.

The stablecoin issuer planned to follow the Exor acquisition with a public tender offer for all remaining Juventus shares at identical pricing.

Tether CEO Paolo Ardoino framed the bid as personally motivated, calling himself a lifelong supporter who “grew up with this team.”

Exor CEO John Elkann emphasized the family’s century of stewardship. “Juventus has been part of my family for 102 years. Four generations have grown it, strengthened it, cared for it in difficult moments and celebrated it in happy ones,” Elkann said.

Tether already holds 11.5% stake as second-largest shareholder

Tether has accumulated an 11.5% position in Juventus since February 2025, making it the club’s second-largest shareholder behind Exor. The stake building preceded the formal acquisition proposal by several months.

The rejection leaves Tether’s strategic options limited. The company can maintain its minority stake, potentially increase it through open market purchases below the controlling threshold, or divest the position entirely.

The Agnelli family has controlled Juventus since 1923, navigating multiple crises including the 2006 Calciopoli scandal that saw the club relegated to Serie B.

The family maintained ownership throughout the episode and subsequent rebuilding.