Juventus's main shareholder on Saturday officially rejected an offer made the previous evening by a cryptocurrency firm to buy Italy's most successful football club.
"Exor N.V. announces that its Board of Directors has unanimously rejected an unsolicited proposal submitted by Tether Investments to acquire all of the shares of Juventus Football Club S.p.A.," Exor said in a statement.
Tether, which already owns an 11.5-per cent stake in Juventus, said in a statement late on Friday that it had "submitted a binding all cash proposal to Exor to acquire its entire stake". An Exor source had said later on Friday evening that the offer would be rejected.
Exor, the holding company of the Agnelli family which has controlled the club since 1923, currently controls a 65.4 per cent stake.
According to the ANSA news agency, Tether offered 2.66 euros a share, valuing the company at €1.1 billion.
Juventus shares closed on Friday on the Milan stock exchange at €2.19.
"Exor reaffirms its previous, consistent statements that 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 statement said.
Tether controls USDT, a popular stablecoin – a cryptocurrency designed to hold a steady value by being pegged to traditional assets.
It has said it is guided by the goal to "Make Juventus Great Again", a play on US President Donald Trump's "Make America Great Again" slogan.
It acquired its first stake in Juventus in February, saying it was seeking to integrate its businesses – which also include AI and biotech – into the sports industry.
Last month, Juventus shareholders appointed Tether nominee Francesco Garino to the board of directors.
In the statement on Friday, Tether's chief executive, Paolo Ardoino, said his company was prepared to invest one billion euros in developing the club.
"For me, Juventus has always been part of my life. I grew up with this team," he said.
While they remain the most successful club in Italian football with 36 league titles, 15 Coppa Italia trophies, and two Champions League crowns, Juventus have lost some of their luster in recent years.
Their last Scudetto was in 2020, although they won the Coppa Italia in 2024.
The club endured a difficult 2024-25 season, marked by the dismissal of Thiago Motta, and they are already lagging in seventh place in Serie A this season after parting ways with yet another coach, Igor Tudor, who was replaced by Luciano Spalletti.
"Exor and the Agnelli family are the stable and proud shareholders for over a century, and they remain fully committed to the Club, supporting its new management team in the execution of a clear strategy to deliver strong results both on and off the field," the statement said.