Tether, the company behind stablecoin The biggest in the world based in El Salvador, saw a golden opportunity to break the tradition of European football. With the company’s valuation estimated to reach $500 billion if raised, the €1.1 billion to purchase a majority stake in Juventus is only a small part of their financial strength. They came up with a proposal that was difficult to ignore economically, especially for a club that was experiencing financial difficulties.
In addition to the share purchase fee, Tether also promised an additional investment commitment of €1 billion for the future development of the club. This sweet promise is aimed at modernizing infrastructure, strengthening the squad and bringing Juventus back to the top of world football. Their ambition is reflected in their campaign slogan, “Make Juventus Great Again”, which implies a desire to carry out a total revolution within the Old Lady.
Emotional factors also played a role in this offer, given the background of Tether’s top brass. One of its founders, Giancarlo Devasini, is a former plastic surgeon originally from Turin (estimated wealth $8.25 billion), while CEO Paolo Ardoino claims to be a lifelong Juventus fan. They try to position themselves not as cold foreign investors, but successful supporters who want to save their favorite club.
However, Tether’s aggressive approach, including its previous purchase of a minority stake of 11.5 percent and efforts to place a representative on its board of directors, was seen as a threat. These steps are considered a hostile takeover attempt against the stability of traditional ownership. Even though the offer was tempting, Juventus’ board of directors quickly and unanimously rejected it, emphasizing that the door to ownership was firmly closed to outsiders.
