Exor rechaza la oferta: Juventus no está en venta bajo ningún concepto
La familia Agnelli cierra la puerta. Exor, el holding de inversión que controla el club italiano, ha rechazado de plano una oferta de compra no revelada. El mensaje es claro e inequívoco: la joya de la corona del fútbol italiano no está en el mercado.
Un activo estratégico, no una mercancía
Para Exor, la Juventus trasciende el balance contable. Es un activo estratégico, un pilar de identidad y legado, no un simple número en un portafolio listo para ser transado al mejor postor. La decisión refleja una visión a largo plazo que prioriza la estabilidad y el proyecto deportivo sobre una ganancia de capital inmediata—algo que haría sudar a más de un gestor de fondos hedge obsesionado con el trimestre.
El fútbol como negocio de convicción
El movimiento subraya una realidad a menudo olvidada en la era de los estados financieros y las plusvalías: algunos activos, especialmente aquellos cargados de historia y pasión, se gestionan con convicción, no solo con calculadora. En un mundo donde hasta los clubes de fútbol cotizan como tokens, la postura de Exor es un recordatorio de que el valor no siempre es líquido. A veces, simplemente, no tiene precio.
Agnellis holds Juventus while Tether increases pressure
The bid shows up while the Agnellis look at possible disposals, including a review of Gedi Gruppo Editoriale, but Juventus is not part of that process. The family has controlled the team for more than a hundred years.
The timing also meets Juventus at a difficult moment. The club sits seventh in Serie A and risks missing European competition, which would hit media and commercial income. The team has not matched the level it had during its run of nine straight Serie A titles, which ended in 2021.
The problems extend beyond the pitch. In 2023, Italy’s football federation took 10 points off Juventus after an investigation into how it accounted for player transfers. Juventus shares have fallen 27% this year.
None of this stops Tether. The crypto company now owns 11.5% of the team, a stake it built starting in February, and wants total control.
Paolo Ardoino, Tether’s Chief Executive Officer, says, “For me, Juventus has always been part of my life. I grew up with this team.” Paolo also says communication between shareholders has been “very, very limited.”
Tether brings cash while Exor keeps its identity
The gap between the two sides is wide. Exor has a net asset value of €36.4 billion and holds Ferrari, Stellantis, and Christian Louboutin. Juventus represents a small slice of Exor’s overall value.
Tether comes from a totally different background. It started in 2014, operated with no public offices for years, and opened its official headquarters in El Salvador in January. The company has no independent board and shares little about its structure.
Even with that, Tether earns a huge profit. USDT, the stablecoin, is the most used token in crypto. Tether’s latest attestation shows $181 billion in assets, including $135 billion in US Treasuries.
Profit passes $10 billion in the first nine months of 2025. Tether also invests in areas like AI and agriculture as it expands beyond crypto.
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