Crypto firm Tether bids for Juventus, is quickly rebuffed

ROME: Cryptocurrency firm Tether said Friday it submitted a bid to Juventus’s main shareholder, Exor, to acquire its entire stake in the Turin football club — but was quickly rebuffed.
“Juventus is not for sale,” said a source close to Exor, the holding company of the Agnelli family.
Tether, which already has an 11.5-percent stake in Juventus, said in a statement it “has submitted a binding all cash proposal to Exor to acquire its entire stake.”
Exor has controlled Juventus since 1923, and currently has a 65.4 percent stake in the club.
According to wire service ANSA, Tether offered 2.66 euros a share, valuing the company at 1.1 billion . Juventus shares closed at 2.19 euros Friday on the Milan stock market.
Amid rumors of a possible Saudi investment, Exor had earlier Friday insisted it had no intention of selling its shares.
And the source close to Exor stressed to AFP on Friday night that this remained the case, whether to Tether or anyone else.
Tether controls USDT, a popular stablecoin — a cryptocurrency designed to hold a steady value by being pegged to traditional assets.
In the statement, its chief executive, Paolo Ardoino, said that if the deal was accepted, his company intended to invest one billion euros in the development of the club.
“Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon,” he said.