Juventus Football Club shares rose sharply after Exor, the Agnelli family’s holding company, rejected an unsolicited takeover proposal from cryptocurrency issuer Tether, underscoring growing financial-sector interest in elite European football clubs.
Shares in the Turin-based club climbed 13% in European morning trading on Monday, recovering some of their losses earlier in the year.
Despite the rebound, Juventus stock remains down about 19% year to date, valuing the club at roughly €937 million ($1.10 billion), according to FactSet.
The rally followed confirmation over the weekend that Exor had turned down a binding, all-cash offer from Tether for its controlling stake in Juventus, reaffirming the Agnelli family’s long-standing commitment to the club.
Tether’s bid and Exor’s rejection
Tether, the operator of the world’s largest stablecoin, said on Friday that it had submitted a proposal to acquire Exor’s 65.4% stake in Juventus and that it intended to launch a public offer for the remaining shares.
While the proposed purchase price was not disclosed, Tether said it was prepared to invest €1 billion to support the club should the transaction proceed.
Exor responded on Saturday by stating that its board had unanimously rejected the offer.
The holding company made clear that it had no intention of selling any of its Juventus shares to Tether or to any other third party.
“Juventus is a storied and successful club, of which Exor and the Agnelli family are the stable and proud shareholders for over a century, and they remain fully committed to the club,” Exor said in a statement.
Although Juventus is majority owned by Exor, the club is publicly listed.
Tether already holds an 11.5% stake, according to Juventus’s website, making it one of the club’s notable minority shareholders.
Financial groups eye European soccer
Tether’s approach highlights the increasing interest from financial investors in European football, as clubs seek capital to compete in an environment shaped by lucrative media rights, global fan bases, and rising player transfer costs.
Private-equity firms and other financial backers have become more active across the continent.
Last month, Apollo Global Management agreed to acquire a majority stake in Spanish club Atlético de Madrid.
In Italy, ownership at Juventus’s historic rivals has shifted in recent years.
US buyout firm RedBird Capital took control of AC Milan for about $1.2 billion in 2022, while US investor Oaktree Capital seized control of Inter Milan last year.
These transactions reflect a broader trend of financial investors seeking exposure to football clubs as long-term assets with global brands, diversified revenue streams, and potential for value creation through commercial expansion.
Market reaction and outlook
Juventus shares’ sharp rise suggests investors welcomed the clarity provided by Exor’s rejection, removing uncertainty around a potential change in control.
The stock’s rebound also comes after a period of underperformance, which had left valuations below recent historical levels.
For its part, Tether said its proposal was designed to support Juventus in a rapidly changing global sports and media landscape, offering stable capital and a long-term investment horizon.
The company said it viewed Juventus as more than a football club, reflecting confidence in its broader brand and commercial potential.
However, Exor’s stance signals that, at least for now, the Agnelli family intends to retain control.
With financial investors continuing to circle Europe’s top clubs, Juventus’s ownership structure appears set to remain unchanged, even as the sector undergoes a wave of consolidation and new investment interest.
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