Luciano Spalletti is ‘happy’ to ‘feel the strength’ of John Elkann but pushes the team to ‘give substance’ to the owner’s ‘passion.’

• More from Spalletti’s press conference – Spalletti confirms permanent Juventus changen and Italiano suggestion

Juventus are preparing to visit Bologna at the Stadio Dall’Ara tomorrow, but the eve of the game has been shaken by the news that minority shareholders Tether have made an offer to buy a majority stake from Exor.

Spalletti’s response to Elkann’s message

Minutes before Spalletti’s pre-match press conference, Elkann released a statement through the Juventus website insisting that the club was not for sale: “We’ll continue to support our team and look to the future to build a winning Juve,” said the club owner.

“Even though I arrived only recently, it makes me happy to feel the strength and passion that John Elkann and family have for this club,” Spalletti said (via Ilbianconero.com).

“It is clear that it is up to us to give substance and concreteness to this passion, honouring the last and building a future on the same level, or even a better one, as John Elkann himself told us when he came to visit us.”

Spalletti and Elkann met on Friday

The Italian tactician revealed he had spoken to Elkann on Friday: “Yes, and I saw him too, a few hours ago, just yesterday,” he said.

“Sometimes, he sends me his thoughts, and I’m glad about it. In this case, he mentioned the future as well and clearly, as I said when I arrived, the objective is to always aim for the top when you are part of this kind of club.”

Tether’s offer to buy Juventus is worth €1.1 billion, but according to several sources, the club’s actual value is closer to €2 billion.

Regardless of the club’s worth and Tether’s offer, however, Elkann and his family are unwilling to sell the club, as the Juventus owner clarified.

Juventus currently sit 7th in the Serie A table with 23 points, three below their next rivals, Bologna.

• Read more – ‘Make Juventus great again’ – What’s behind the €1.1bn offer to buy the club

Juventus chief John Elkann explains ‘our history and values are not for sale’ after parent company Exor rejected a takeover bid from Tether.

While Tether are already minority shareholders, yesterday they announced a €1.1 billion offer to take over all the remaining shares held by the Agnelli family holding company Exor.

This was rejected outright and now Exor President Elkann, an heir to the Agnelli family fortune, released a video where he explained their reasoning.

Wearing a Juventus hoodie, he outlined their refusal for the present and the future.

Elkann makes it clear Juventus not for sale

“Juve have been part of my family for 102 years, in the real sense of the word, because over the course of a century, we’ve seen four generations make it bigger, stronger, protected it during difficult moments and celebrated in the many happy times.

“That is not all. Juve are part of a much, much bigger family. The Bianconeri family. It is made up of millions of fans in Italy and around the world, who love Juve the way they love those closest to them.

“It is precisely thinking about this passion, this history of love that unites us for over a century, that as a family we continue to support our team and look to the future to build a winning Juve.

“Our Juventus, our history, our values, are not for sale.”

While there had been reports in recent years that Exor were frustrated at the amount of money going into stabilising Juve coffers, especially in the wake of the accounting scandal over inflated transfer fees, they never really seemed amenable to the idea of selling the club.

Tether were only founded in 2014 and are a cryptocurrency company, who currently have an 11.52 per cent stake in Juventus and one member on the board of directors, Francesco Garino.

La Gazzetta dello Sport notes that Tether’s offer to buy Juventus is below the actual club’s value which is ‘realistically’ between €1.8 and 2 billion.

• Read more – ‘Make Juventus great again’ – What’s behind the €1.1bn offer to buy the club

Crypto giants Tether, a minority Juventus shareholder, announced an €1.1 billion offer to acquire a majority stake in the club on Friday, but the Agnelli family replied through a spokesperson that the club is not for sale.

Juventus’ financial issues in recent years

Gazzetta examines the Bianconeri’s financial situation, describing the Serie A giants as a ‘sleeping giant’ with considerable assets, including a club-owned stadium and training centres worth €450m, but also a poor financial situation with losses of nearly one billion in the last eight years that forced club owners to make cash injections for over €900m.

When Andrea Agnelli became the club’s President in May 2010, Juventus’ stock market capitalisation was €162m, and it peaked to €1.5 billion in 2019, driven by the signing of Cristiano Ronaldo a year earlier. Currently, Juventus are valued at €915m on the Milan stock exchange.

Football Benchmark’s latest report gives Juventus a value of €1.651 billion; according to Forbes, the club’s worth is slightly higher at €1.9 billion. Realistically, according to Gazzetta, the range lies between €1.8 billion and €2 billion.

With their statement, however, Tether assigned to Juventus an equity value of €1.1 billion. Considering the financial debt of around €300m, the enterprise value would be €1.4 billion, according to the crypto giants, below market estimates.

Don’t forget that, back in 2022, Elliott sold Milan, who didn’t have a club-owned stadium, to RedBird for €1.2 billion, while more recently, Atletico Madrid’s majority stake was acquired by Apollo with an enterprise value of €2.5 billion.

Four Juventus four capital increases in recent years

Even if Juventus have solid assets, they’ve been falling short financially in recent years, accumulating €999m in losses between 2014-15 and 2024-25. Juventus have not been profitable for the past eight seasons, requiring four capital increases.

The last one worth €98 was completed just a few weeks ago, when Exor and Tether subscribed their stakes, 65.4% and 11.5% respectively, for a total of €77m, while the remainder came from institutional investors.

However, there have been positive signals in recent months as, last season, the deficit was cut to €58m compared to €199m from the previous financial year.

The updated business plan targets break-even by the end of the 2026-27 campaign, but that will largely depend on results on the pitch, with access to the big Champions League prize money, and the increase of the players’ worth.

The Agnelli family is unwilling to sell Juventus despite a €1.1 billion offer from minority shareholders Tether, so we take a closer look at the blockchain-enabled platform and its CEO, Paolo Ardoino.

Tether announced an offer to buy a majority stake in Juventus from Exor on Friday night, but received a firm reply from the Bianconeri owners: “Negotiations are not underway regarding the sale of a stake in Juventus,” a spokesperson for the Agnelli family told La Gazzetta dello Sport.

How do Tether make money?

Founded in 2014, the Tether cryptocurrency has grown massively over the last few years and its CEO, Paolo Ardoino, is a life-long Juventus supporter. Tether already holds an 11,52% stake in Juventus and is represented in the Juventus board of directors by Francesco Garino.

As reported by Gazzetta, the main difference between Tether and other popular cryptocurrencies, such as Bitcoin or Ethereum, is its lower volatility.

 

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Un post condiviso da Tether Operations Limited (@_tether_)

Tether’s value is pegged to the US dollar, and its users appreciate it for its stability rather than the hope of profiting from market speculations.

Gazzetta explains that Tether has ‘built its success on its effectiveness in supporting international transactions without the involvement and costs of various intermediaries, such as banks.’

The company is headquartered in El Salvador and reported profits exceeding €13 billion in 2024. Tether’s core focus lies in cryptocurrencies, blockchains and technological innovation, including artificial intelligence.

As previously mentioned, its CEO, Paolo Ardoino, is a life-long Juventus supporter who has become increasingly popular among Bianconeri supporters on social media, especially X, thanks to his motto ‘Make Juventus great again.’

https://t.co/rQLpUYieMP

— Paolo Ardoino (@paoloardoino) December 12, 2025

Gazzetta notes that the relationship between Tether and Exor has never been particularly solid. At times, Ardoino’s social media activity aimed to look for a collaboration with Exor, but other times, the Tether CEO has criticised the club and the team.

Exor unwilling to sell Juventus

The abrupt public bid is unlikely to strengthen relations between the two sides, particularly given that Exor had already indicated, before Tether’s proposal, that it had no intention of selling the club in response to rumours of a potential offer from a Saudi investor.

This past November, Juventus owner John Elkann said: “We remain fully committed to Juventus and are proud to be its controlling shareholder for over a century. We are and have always been open to constructive ideas from all stakeholders who share our ambition and passion for the club.”

La Gazzetta dello Sport

Offer for Juve

The crypto giants value the club at €1.1 billion. Exor: ‘It’s not for sale’

From Tether 725m for 65,4% of the club.

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One billion for Juve, Elkann says no

Tether’s offer will be rejected

The crypto company that has an 11,5% stake in the club aims for a majority stake. ‘Offer made with humility and a sense of belonging for the club and the fans.’ But Exor says no. Besides Ardoino’s move, there’s no confirmation regarding the desire to sell Juve. Yildiz’s family in Turin to negotiate the renewal. According to CIES, Kenan will be worth 140m in June.

‘De Rossi and Chivu two shy with success.’

Milan, Juve and Inter: ticket prices cap for the visitors

A spokesperson for the Agnelli family has confirmed that negotiations over a potential takeover of Juventus are ‘not underway’ following a €1.1 billion takeover offer from minority shareholders, Tether. 

On Friday evening, Tether officially announced that they had lodged an offer to purchase Exor’s majority stake in Juventus. Exor is the holding company owned by the Agnelli family, which has been in control of the football club since 1923. 

Tether, who currently own a minority stake of just over 10%, have offered a price of €2.66 per share, which equates to around €1.1 billion for Exor’s 65.4% stake in the club. 

Tether has announced that it intends to make a public offer for the remaining shares at the same price.

What Agnelli family says about Tether’s Juventus takeover proposal 

“Negotiations are not underway regarding the sale of a stake in Juventus,” a spokesperson for the Agnelli family told La Gazzetta dello Sport. The spokesperson also referred to Tether’s takeover proposal as ‘press rumours’. 

Tether CEO Paolo Ardoino, a lifelong Juventus supporter, insists that the takeover attempt is sincere. 

“Today, Tether has sent an official proposal to Exor to purchase their entire stake in Juventus,” he wrote in a tweet on X on Friday. 

“From the beginning, our goal has always been to support the team and bring it back to the glory that it deserves. As part of our commitment, if this transaction goes through successfully, Tether will invest €1 billion into the club.” 

Tether, minority shareholders of Juventus, have announced that they have submitted an offer to purchase Exor’s majority stake in the club and that they intend to purchase the remaining shares to assume full ownership. 

Tether announce plans to purchase Juventus in full

Tether, a cryptocurrency stablecoin, initially purchased a minority stake in Juventus in February 2025. CEO Paolo Ardoino is a life-long Bianconeri supporter. 

Tether increased their stake in the club in April, and it was reported at the time that they currently possess 10.12% of the club’s shares and 6.18% of the club’s voting rights. 

Tether has announced on Friday evening that they have tabled a ‘binding all-cash proposal’ to purchase Exor’s shares in the club. Exor is the holding company owned and controlled by the Agnelli family, who have owned Juventus since 1923. 

Currently, Exor holds 65.4% of the shares in Juventus. According to reports from Calcio e Finanza, Tether has offered a price of €2.66 per share, which equates to a total of around €1.1 billion.

Tether has announced that it intends to make a public offer for the remaining shares at the same price. 

What Tether said about Juventus proposal

“Tether has submitted a binding all cash proposal to Exor to acquire its entire stake in Juventus Football Club,” a statement on Friday evening read. 

“Subject to regulatory approvals, Tether intends to make a public offer for the remaining shares at the same price, fully funded with its own capital and supported by a long term commitment to the club.

“This proposal reflects a belief in Juventus as more than a football club. For generations, Juventus has stood for discipline, ambition, and the quiet strength of those who rebuild and move forward, season after season. It is a club that has shaped Italian sporting identity and earned the loyalty of supporters around the world.”

“For me, Juventus has always been part of my life,” said Paolo Ardoino, CEO of Tether. “I grew up with this team. As a boy, I learned what commitment, resilience, and responsibility meant by watching Juve face success and adversity with dignity. Those lessons stayed with me long after the final whistle.

“Our interest in Juventus comes from deep admiration and respect. Juventus is a symbol of Italian excellence with a truly global presence, built over generations through hard work, ambition, and the unwavering loyalty of its supporters. These values mirror how we have built Tether, with patience, independence, and a focus on long term resilience.

“Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon. Our goal is to contribute positively to the club’s future, to support sporting performance at the highest level.

“This proposal is made with humility and a deep sense of responsibility toward the club, its supporters, and its legacy. We believe Juventus’ story is still being written, and that its next chapters can be defined by strength, continuity, and ambition.”

Tether’s statement continued: “The proposal contemplates the acquisition of Exor’s shareholding, representing 65.4 percent of Juventus’ issued share capital. Completion of the transaction would be subject to Exor’s acceptance, the execution of definitive documentation, and receipt of required regulatory approvals. Following completion, Tether intends to proceed with a public tender offer for the remaining shares at the same price per share.

“In the event that the transaction completes, Tether is prepared to invest 1 billion Euros in the support and development of the Club. 

“Tether operates with a long term investment philosophy supported by a strong balance sheet and a focus on building resilient, globally relevant institutions. Further updates will be provided in accordance with applicable laws and regulations.”