The cryptocurrency company Tether, which already owns 11.5% of shares, has moved to acquire a majority stake in Juventus. But Exor, the holding company controlled by John Elkann, has made its stance clear: the club is not for sale.
Tuttosport detail how, In this case, it’s not about business, but about sentiment. For the Agnelli–Elkann family, Juventus is not just a company — it’s a legacy passed down through generations. Even though it is publicly listed and Exor holds a 65.4% stake, the emotional and historical value for the family remains inestimable.
John Elkann, who learned the family’s connection to the club through his grandfather Gianni Agnelli, considers the bond with Juventus an integral part of their identity. And while “La Stampa”, another long-held family asset, may be on the market, Juventus is not.
The Tether Offer and Exor’s Response
The renewed speculation around a potential sale came after Tether formally submitted an offer to purchase Exor’s shares in Juventus, followed by a proposed public acquisition bid. The overall value of the operation is reported to be around €1.1 billion — roughly €700 million would go to Exor for its stake, with the remainder supporting the market offer.
Elkann’s answer came swiftly and decisively: “Juventus is not for sale.” There is no need to wait until the offer’s deadline of 22 December.
Money, however substantial, is not the core issue. Even in purely financial terms, Exor sees the valuation as unconvincing. Juventus has a market capitalisation of around €900 million, but its assets — including the Allianz Stadium, the Continassa headquarters, Vinovo training centre, J Hotel, and J-Medical — make its true worth considerably higher than the numbers suggest. For Elkann, Juventus quite simply has no price.
A Matter of Heart and Heritage
For the Elkann family, Juventus remains a deeply personal matter — a subject that John often discusses with his children, Leone and the football-obsessed Oceano. While it is premature to think of a handover, the emotional connection to the club continues to be nurtured within the family.
Over the years, Exor has already invested around €1 billion in Juventus, and John Elkann stands ready to commit more if necessary. The distinction between business and passion is one his grandfather defined long ago: when dealing with Juventus, you are not dealing with business ventures, but with family and emotion.
The Official Response Awaits
A formal communication rejecting Tether’s proposal is expected on Monday, possibly after an extraordinary Board of Directors meeting to review the offer. The process will be handled with official respect toward Tether as a minority shareholder, but without any real possibility of acceptance.
What remains open, however, is the prospect of collaboration. Discussions between Tether and Juventus management had already begun in September, exploring potential industrial or commercial partnerships. Tether has recently appointed a representative, Francesco Garino, to the club’s board, signalling an ongoing connection.
In short, while dialogue may continue, the sale of Juventus is definitively off the table — reaffirming that, for the Agnelli–Elkann family, the black-and-white stripes represent not a business opportunity, but a timeless piece of their heritage.
