Over a billion euros to buy 65.4% of Juventus shares. This is the tempting offer put on the table to Exor, the holding company of the Agnelli-Elkann family, to convince it to give up the management of what is considered much more than a football club: a company and an asset with priceless historical and emotional value (at least for the moment), beyond any financial valuation, however high. Here is what is hidden behind that “no, thank you” that has been publicly acknowledged (“there are no negotiations in progress”) and communicated to Paolo Ardoinos (executive director of the “stablecoin”), to quell rumors about the interest – even something more than interest – of the cryptocurrency giant in the great name of the “Old Lady”.
Why Juventus is not for sale despite Tether's rich offer
The details of the operation that have emerged in the last few hours would have surprised anyone sitting on the other side of the negotiating table. Assuming there was ever a real willingness to discuss, which contradicts the official position expressed. Basically, Juventus will not be sold. Not like this, not now, not yet. Or perhaps, it will never be sold.
Even in the face of a very high offer (1.1 billion euros, of which 700 million would end up in Exor's coffers for the sale of 65.4% of the shares), even taking into account all the necessary legal and bureaucratic procedures (since the club is listed on the Stock Exchange), and the alleged investment capacity of 1 billion euros. December 22 was the maximum deadline to give an answer, but it came much earlier: "No, we do not negotiate."
What is behind Elkann's hesitation?
At a time when many companies of the "family galaxy" are taking different paths, Juventus is not: it is not affected. It is not a "simple enterprise". It is not a branch of business that can be expected. It is something that mixes love and passion, emotions and feelings linked to the memory of the Lawyer.
And if one were to look at the issue from a "money" perspective, even the size of the deal is not considered sufficient to shake convictions and open at least a discussion. The club's real estate (Stadium, J-Medical, Continassa, Vinovo) makes Juventus an asset worth much, much more. There are calculations and reasons that have weight, but at this stage they do not prevail over the family tradition factor.
What's happening at Juventus now? Opening up to new investments
The rejection of Tether does not mean that Juventus excludes forms of investment that remain within the framework of the collaboration, to strengthen the brand and expand financial resources and, consequently, the possibility of increasing the team's competitiveness. An extraordinary meeting of the Board of Directors will take place on Monday, during which it is very likely that the door will not be completely closed to Tether, as long as the commercial partnership option is accepted. An important, strategic and essential collaboration for the relaunch of the Bianconeri, but always under the umbrella of Agnelli-Elkann.