Tether has become the second-largest shareholder and aims to influence the management of Juventus
This is reported by Business • Media
The cryptocurrency company Tether, issuer of the USDT stablecoin, has acquired 10.7% of the shares of the football club Juventus for approximately €128 million. This makes it the second-largest shareholder of the club after Exor, which controls 65.4% of the shares.
Relations Between Tether and Juventus Remain Tense
Despite the significant investment, there remains tension between Tether and the football club Juventus. According to Tether’s CEO Paolo Ardoino, attempts to establish a dialogue with the club’s management have been “very, very limited.” Tether representatives plan to meet with Juventus management after the football season concludes to discuss the possibility of joining the board of directors and participating in a potential capital increase for the club.
“Our interest lies in ensuring the long-term success of the club. We believe that having a voice in key decisions is part of our responsibility,” Tether stated.
Juventus, which has been managed by the Agnelli family through Exor for many years, is currently finishing its participation in the Club World Cup in the USA. The club’s management has indicated that a meeting with Tether is only possible after the season concludes. Exor has promised to review its position after personal negotiations with the new shareholder.
Tether’s Strategy in the Football Market and Financial Opportunities
Tether views football as a promising platform for innovation, particularly in the fields of artificial intelligence and talent analytics. Despite the lack of official concessions from Juventus, Ardoino remains optimistic and supports the club as a fan, attending matches with supporters and emphasizing that the company does not seek any privileges, but only wants to help the club grow.
At this time, Juventus has not made a final decision regarding the attraction of external capital. Meanwhile, in March, the club announced the possibility of raising up to €100 million, of which €15 million has already been provided by Exor for summer transfers.
Tether’s financial resources are impressive: in 2024, the company earned $13 billion in profit and holds assets worth $150 billion, including $115 billion in U.S. government bonds. However, a full audit of Tether’s financial statements has yet to be released.
Amid its financial successes, the company faces reputational challenges, including accusations of facilitating sanctions evasion and the use of USDT in criminal activities. Tether assures that it cooperates with law enforcement and advocates for transparency in its operations.
In addition to investments in the sports industry, Tether recently acquired a stake in the Canadian company Elemental Altus Royalties Corp for over $89 million, indicating its desire to expand its financial presence across various sectors.