Giulio Piovaccari and Elvira Pollina
MILAN (Reuters) – The share of Italy’s top flight soccer club came together on Friday after cryptocurrency company Tether said it became a minority shareholder without revealing the size of its shares.
Turin-based Juventus is dominated by the Italian Agnelli family through Exor, an investment company that holds a 64% stake in Italy’s most successful clubs. Holding did not sell the shares to Tether, the spokesman said.
Tether said on its website that investments in Milan-listed clubs have a “strategic” nature. This is because Juventus rose 4.7% in a massive amount before cutting 1.57% at 2.531 euros.
“Make Juventus great again,” Tether CEO Paolo Aldoino wrote about X.
Juventus, which has been ruled by the Agneli family for a century, needs to raise approximately 900 million euros ($945.5 million) from shareholders over the past six years through three separate cash call operations to strengthen its balance sheet. did. It reported a loss of nearly 200 million euros for the fiscal year ending June 30th.
Tethers are stubcoin’s vibrant, designed to maintain a constant value by providing users with a way to move money between cryptocurrencies without being exposed to price fluctuations. It has emerged as a dominant force in the market.
“In line with our strategic investment in Juve, Tether will be a pioneer in the fusion of new technologies… along with the well-established sports industry,” Ardoino said in a statement from the company.
After dominating the Italian football landscape for nearly a decade until 2020, Juventus was hit by an accounting scandal related to player trading and payroll.
The club is commonly known as Bianconoli for its black and white team jersey, and is currently ranked fifth in Italy’s Serie A ranking, and in the Champions League Knockout Phase Playoffs against PSV Eindhoven I’m participating.
($1 = 0.9513 Euro)
(Reporting by Giulio Piobaccari and Elvira Polina of Milan, edited by Alvise Armellini and Matthew Lewis)