Tether, a prominent issuer of crypto stablecoins, has announced its intention to acquire the Italian soccer team, Juventus Football Club, which is reportedly opposed by Exor, the Agnelli family’s holding company.

Tether has proposed a cash offer to buy Exor’s 65.4% stake in Juventus, which it has maintained for more than a century. If Exor consents, Tether plans to extend a public offer for the rest of the shares at the same valuation.

Currently, Juventus is valued at approximately 944.49 million euros ($1.1 billion) and experienced a 2.3% rise in stock value last Friday.

However, it has been disclosed by AFP that Tether’s bid was declined, with insiders stating that “Juventus is not for sale.” Neither party has provided an immediate comment on the developments.

Tether’s Commitment to Juventus

Should the acquisition proceed, Tether promises a significant investment of 1 billion euros ($1.1 billion) to bolster Juventus. Tether’s CEO, Paolo Ardoino, expressed confidence in the company’s financial stability to place long-term capital into Juventus.

“Juventus has been an integral part of my life,” Ardoino commented. “Witnessing the club navigate both triumphs and struggles has imparted in me the values of commitment, resilience, and responsibility.”

For additional context, you can read about Tether’s previous acquisition of a stake in Juventus here.