Key Takeaways
- Exor NV has rejected Tether Investments’ offer to acquire shares in Juventus Football Club.
- The Exor and Agnelli families reaffirmed their commitment to retain ownership and support Juventus.
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Juventus owner Exor NV has rejected Tedder’s offer to acquire a controlling 65.4% stake in the football club, according to an official statement on Saturday.
The unanimous decision by Exor’s board of directors comes less than 24 hours after the cryptocurrency giant submitted its proposal.
The company stated that it has no intention of selling its Juventus shares to a third party and reaffirmed its commitment to retain ownership and support Juventus management to achieve strong results.
Tedder, who is already the second-largest shareholder and has a new board seat, is determined to revitalize Juventus, which has struggled financially in recent years.
It is no surprise that Juventus rejected such an offer. Exor CEO John Elkann said a few months ago that the club was not for sale. The owners didn’t signal resistance for long and reportedly withdrew their offer just hours after it was made public.
“Juve has been part of our family for 102 years. That is part of the true meaning of the word, because over a century four generations have grown it, made it strong, welcomed it in difficult times and celebrated it in many happy moments,” Elkann said in a video address on Saturday, echoing Exor’s position.
“This passion, this love story, has united us for over 100 years. As a family, we continue to support the team and look to the future to build a winning Juve. Juventus, our history and our values are not for sale,” he said.
Juventus manager Luciano Spalletti has welcomed Exor’s decision to retain control of Juventus. Spalletti said he had placed responsibility for delivering results back on the football side.