The owners of Juventus have emphatically rejected a substantial takeover offer from cryptocurrency firm Tether, making it clear that the most successful club in Serie A history will remain under the control of the Agnelli family. The offer, valued at approximately €1 billion or nearly $1.2 billion, would have transferred the family’s majority shares in the record 36-time Italian champions to the crypto company.
John Elkann, chief executive of Exor, the Agnelli family’s holding company, delivered the definitive response in a video message posted on the club’s official website. His statement emphasized that the club’s history and values transcend financial considerations, reinforcing the family’s deep emotional and historical connection to the Turin-based football institution.
Over a century of family ownership
The Agnelli family’s association with Juventus spans an impressive 102 years, representing more than a century of stewardship through four generations. Elkann, grandson of legendary Fiat tycoon Giovanni “Gianni” Agnelli, spoke about how successive generations have strengthened the club, protected it during challenging periods and celebrated its numerous triumphs throughout the decades.
This long-standing relationship has become central to the club’s identity, intertwining the Agnelli name with Juventus success and tradition. The family has weathered various storms while maintaining control, viewing their ownership as a responsibility rather than merely a business investment. Their commitment extends beyond profit margins into preserving the club’s legacy and ensuring its competitive future.
Recent struggles and management changes
Juventus has experienced a notable drought in domestic success, failing to win Serie A since capturing nine consecutive titles between 2012 and 2020. This unprecedented run of dominance established them as Italy’s most powerful club during that period, but subsequent seasons have proven more challenging as rivals have closed the competitive gap.
The Turin club made significant changes to reverse their fortunes, firing Igor Tudor and appointing Luciano Spalletti as manager last month following a difficult start to the current season. Spalletti expressed appreciation for the ownership’s commitment, acknowledging that the coaching staff and players must now deliver results that honor the family’s passion and investment in the club’s future.
Broader context in Italian football
The rejection stands out against the backdrop of Italian football‘s changing ownership landscape. Several of the country’s other major clubs, including AC Milan, Inter Milan and Roma, have transitioned to foreign investment firms in recent years. These sales reflected a broader trend of international capital flowing into Italian football, with overseas buyers seeing opportunities in historic clubs with passionate fan bases.
Juventus and defending Serie A champions Napoli, owned by Italian film producer Aurelio De Laurentiis, represent the primary holdouts maintaining domestic ownership. This distinction has become increasingly rare as financial pressures and the lure of substantial offers have convinced many traditional owners to sell their stakes to well-funded foreign entities.
Past governance troubles
The club’s recent history includes significant governance challenges. Former Juventus president Andrea Agnelli and the entire board of directors resigned in 2022 amid a false accounting inquiry that cast shadows over the club’s financial management. These difficulties tested the family’s resolve but ultimately did not shake their fundamental commitment to maintaining ownership.
Looking toward the future
Exor released a formal statement reaffirming that it has no intention of selling any shares to third parties, specifically mentioning the El Salvador-based Tether by name. The holding company characterized Juventus as a storied and successful institution deserving of stable ownership, emphasizing full commitment to supporting the new management team in executing strategies designed to deliver strong results both on and off the field.
Source: ESPN, Associated Press