Agnelli Family Rejects Tether's Bid for Juventus

The Agnelli family has declined a proposal from Tether to buy its shares in the football club Juventus, as confirmed by the family's holding firm, Exor. Tether, offering a price above the current market value, aimed to enhance its influence in Europe. Despite Juventus' financial woes, Exor refuses to part with its stake.

The Agnelli family, through its holding company Exor, has firmly dismissed an unexpected purchase offer from crypto firm Tether for their holdings in Juventus, Italy's leading soccer club.

On Friday, Tether, based in El Salvador, put forth an all-cash bid to Exor, promising the acquisition of the remaining shares at the same rate and pledging a €1 billion investment if the deal went through. Tether's CEO, Italian national Paolo Ardoino, who is also a fan of Juventus, led the push, valuing the club at over €1 billion with an offer price that marked a 21% premium over Juventus' closing share price.

Despite the club's financial struggles and lack of profit over the past decade, Exor's board unanimously rejected the proposition. Juventus has faced a tough competitive environment, weighed down by their involvement in past scandals and increasing financial pressures from Europe's top-performing clubs.

(With inputs from agencies.)