USDT stablecoin issuer Tether is now the second-largest shareholder in Juventus Football Club, behind Exor NV – the investment company of the Agnelli family in Italy. This is the first time a top European football club has had investment from a cryptocurrency company.
Tether, which officially announced its stake in February, has amassed a 10.7% stake in the Turin club, worth an estimated 128 million euros ($149 million), according to Bloomberg data.
Juventus is considered Italy's most successful football club and is currently competing in the 2025 Club World Cup. The Agnelli family has held a controlling stake of over 65% since 1923. In addition to Juventus, Exor also has investments in Stellantis, Ferrari and luxury brand Christian Louboutin.
Tether CEO: Contact with Exor is limited
In an interview, Tether CEO Paolo Ardoino revealed to Bloomberg that communication with Juventus and Exor was “very limited.” Despite sending several official meeting invitations, there has been no specific meeting schedule.
Juventus have proposed postponing the meetings until after the season ends in early July. Exor has not yet commented on Tether but is expected to discuss the club's business structure after the meeting, according to insiders.
“Our goal is to ensure the long-term success of the club,” said a Tether spokesperson. “We believe that having a say in decisions is a responsibility that must be fulfilled.”
Lacking interaction from Juventus, Ardoino expressed disappointment, having to buy tickets to watch matches this season with personal money.
The club listed a 35% stake in 2001 and is seeking up to €100m in funds for the summer transfer window. Exor has pledged an upfront €15m and will maintain a 65.4% stake.
Controversy over illegal use of USDT
In the eyes of Juventus' board of directors, Tether is a cryptocurrency business with an ambiguous organizational structure, similar to the club's long-standing traditional governance model.
A 2023 UN report listed Tether's USDT as an illicit financial instrument, estimating $19.3 billion in criminal transactions involving the token in the previous year. US authorities have accused the stablecoin of being used to evade sanctions and finance conflicts.
Tether claims to cooperate closely with law enforcement, having helped freeze millions of dollars in illegally obtained assets.
Tether is expected to generate $13 billion in profits by 2024, with $115 billion in U.S. Treasury bonds backing its $150 billion portfolio. This liquidity is used to fund a 30% stake in Italian media company Be Water and projects in social media, agricultural infrastructure, and brain technology.
Like many other prestigious clubs, Juventus is operating at a loss and needs new capital. Bloomberg forecasts a deficit of 18 million euros in the next annual report. Juventus has not won the Scudetto in the past five years.
Ardoino believes Tether's technological prowess could help solve Juventus' problems.
“The Italian football ecosystem remains narrowly rooted in tradition. This is a shame when teams like Manchester United, Chelsea or PSG have opened the door to a new way of looking at sport as a brand.”
Source: https://tintucbitcoin.com/tether-dau-tu-juventus-gay-song-tien-so/
Thank you for reading this article!
Please Like, Comment and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
