Juventus Football Club SpA: Exor’s Unwavering Rejection of Tether’s €1.1 Billion Bid

The Italian media spotlighted the latest development in the ownership saga of Juventus Football Club SpA on 14 December 2025, as the Agnelli‑led conglomerate Exor N.V. publicly rebuffed an all‑cash proposal from Tether Investments. The bid, valued at €1.1 billion, sought to acquire Exor’s 65.4 % controlling stake in the club’s holding company.

Exor’s Position

Executive Chairman John Elkann, addressing shareholders through a formal statement on the club’s website, underscored that “the values and heritage of Juventus are not for sale.” The rejection was unanimous, with the board affirming the family’s long‑standing commitment to preserving the club’s identity and strategic direction. The decision aligns with Exor’s broader governance philosophy: to prioritize long‑term value creation over short‑term liquidity gains.

Implications for Juventus’ Market Valuation

  • Current Share Price Context: At the close on 11 December 2025, the stock traded at €2.194, well below its 52‑week low of €2.17, reflecting a market that has yet to fully digest the club’s revenue mix and competitive position.
  • Valuation Gap: The €1.1 billion offer represented a premium over the club’s implied market cap of €923 million, indicating that Tether’s valuation was driven by expectations of significant upside in media rights, sponsorship, and merchandising.
  • Strategic Focus: By declining the offer, Exor signals its intent to continue investing in the club’s core assets—stadium operations, youth development, and global branding—rather than pursuing a divestiture that could dilute its influence.

Market Reactions

Following the announcement, the stock experienced a modest rally of approximately 3 % in early trading on the Borsa Italiana Electronic Share Market, suggesting that investors interpreted the decision as a safeguard against potential dilution of long‑term shareholder value. Analysts noted that the club’s EBITDA growth trajectory and its robust licensing portfolio (television, sponsorship, and merchandising) position it well for sustained profitability.

Forward‑Looking Outlook

Exor’s steadfast stance is expected to influence future capital‑raising strategies. The club may pursue incremental equity placements or debt instruments to finance stadium upgrades and expand its global fan base, rather than a full‑scale sale. Moreover, the rejection sets a precedent for how other European football clubs with family ownership structures will navigate unsolicited takeover bids.

In summary, the Agnelli family’s decision to reject Tether’s €1.1 billion proposal underscores a commitment to preserving Juventus’ legacy and a strategic focus on long‑term value creation. The move is likely to stabilize the club’s share price and reinforce investor confidence in its governance model.