Agnelli family fully committed to Juventus as Tether takes stake, Elkann says

Italy’s Agnelli family has no intention of selling shares in soccer club Juventus (JUVE.MI), opens new tab, but is open to collaboration with other investors, family scion John Elkann told Reuters, after cryptocurrency group Tether amassed a significant stake.

Elkann is CEO of Exor (EXOR.AS), opens new tab, the holding company of the Agnelli family, whose ties with the Turin-based soccer club, Italy’s most successful, date back to 1923 when Edoardo Agnelli became chair. Exor is the club’s controlling shareholder.

Asked whether Exor was considering selling Juventus shares, Elkann told Reuters that the firm had no intention to do so.

“We remain fully committed to Juventus and are proud to be its controlling shareholder for over a century,” he said.

Crypto firm tether builds stake in club

The comments, the most direct on the matter, come after Tether built a stake of more than 10% in the club this year. It has proposed two candidates to join the Milan-listed firm’s new board with investors set to vote at an annual meeting on Friday.

“We are and have always been open to constructive ideas from all stakeholders who share our ambition and passion for the club,” Elkann said, opening the door to possible collaboration with Tether.

Tether, the creator of the world’s largest stablecoin, is now Juventus’ second-largest shareholder after Exor, which owns around 65%.

Juventus has faced struggles on the pitch

Juventus claimed a ninth successive Italian league title in 2020 but have not won it since. They appointed former Italy national team manager Luciano Spalletti as coach at the end of October after sacking Igor Tudor because of poor results.

“We support the new board and new management team, as our priority remains to combine strong sporting results with financial discipline,” Elkann told Reuters.

Investors, led by Exor, have poured around one billion euros ($1.2 billion) of fresh cash into Juventus in the past seven years through a series of capital increases.

El Salvador-based Tether has said it had proposed Francesco Garino and Zachary Lyons to the board to help “strengthen Juventus’ governance and align the club more closely with both its supporters and modern management standards”.

This pile of crushed, non-recyclable plastic waste was destined for the landfill or incineration.

Speaking to Reuters in February, Tether CEO Paolo Ardoino said “you can buy only what someone wants to sell” when asked if his company wanted ultimately to own the club. Ardoino is an Italian national and Juventus supporter.

‘Hard to imagine Juve and the Agnellis parting ways’

Elkann’s remarks are also aimed at reinforcing the link between Juventus and its ownership which many supporters say has weakened, especially since Andrea Agnelli, a cousin of Elkann, quit as chair in late 2022 following accounting scandals.

“I understand there have been major legal issues to address, but my feeling is that since Andrea Agnelli left, the club has been sailing without a clear direction,” said Massimo Monaci, 50, a Juventus fan, adding the owners often “looked distant”.

“I find it hard to imagine Juve and the Agnellis parting ways, but perhaps the time could have come for a change of ownership, something unthinkable until a few years ago.”