It has been a turbulent few days in the Juventus camp following the public exchange between cryptocurrency giant Tether and Exor, the Agnelli family’s holding company. Tether’s proposed bid to acquire Juventus was swiftly turned down — considered too low by Exor and nowhere near the club’s true market valuation. But just how far apart are the two sides, and where might a real negotiation begin?
The Offer and Exor’s Response
La Gazzetta dello Sport detail how, on Friday evening, Tether’s CEO Paolo Ardoino confirmed that the company had formally submitted an offer to purchase the majority stake in Juventus, currently held by Exor. Less than 24 hours later came Exor’s unanimous rejection, followed by a statement from John Elkann, who reaffirmed the family’s commitment to maintaining ownership of the club and continuing its historical legacy.
Beyond the sentimental value Elkann attaches to Juventus, the financial reasoning is equally clear. The offer on the table was significantly below what experts estimate the Bianconeri to be worth.
Where the Numbers Diverge
Tether’s proposal amounted to €725 million for Exor’s 65.4% stake — an implied equity value of around €1.1 billion for the full club and an enterprise value of €1.4 billion, including €300 million in financial debt. Analysts, however, place Juventus’ worth much higher. Football Benchmark valued the club at €1.65 billion in its May report, while *Forbes* went as high as €1.9 billion.
A Hypothetical Starting Point at €2 Billion
While these figures serve as static benchmarks, they don’t fully consider Juventus’ growth potential, commercial appeal, and long-term recovery strategy. Despite eight consecutive years of losses, the latest accounts show improvement. The club’s world-class infrastructure and brand value, according to *La Gazzetta dello Sport*, justify a valuation in the range of €1.8 to €2 billion — a likely baseline for any serious sale negotiation.
A Tactical Opening Move?
Andrea Sartori, CEO of Football Benchmark, described Tether’s bid as “tactical rather than serious”, noting that its primary effect was to grab public attention. “The offer is relatively low, but it served to activate interest among fans and the media,” he said. In his view, Exor’s willingness to sell remains very limited, and only an offer surpassing the €2 billion mark would spark a meaningful conversation.
As Sartori pointed out, owning Juventus carries emotional weight — the club has been in the Agnelli family’s hands for over a century, making it as much a legacy asset as a business venture.
What Happens Next
Elkann’s firm rejection leaves little room for speculation in the short term, but questions persist about the future. Repeated capital injections to support Juventus have drawn criticism from investors and fans alike, especially amid wider restructuring efforts at Exor. The group has already sold several media and industrial assets, including *La Stampa*, fuelling speculation that even Juventus might one day be considered sellable.
Should the current project under sports director Giovanni Manna and football chief Thiago Motta fail to reignite on-pitch success, Elkann could face growing pressure to reconsider his position. Some reports even suggest he may be contemplating a more permanent move to the United States — a decision that could reshape the ownership discussion entirely.
Meanwhile, a familiar surname continues to hover in the background: Andrea Agnelli. Once at the helm of Juventus, Agnelli remains an emblematic figure for many supporters who dream of his return. If the right investor comes along, a comeback might not be out of the question.
