Milan, Dec 12 : Crypto group Tether said on Friday it has submitted an all-cash proposal to the holding company of the Agnelli family to buy its entire stake in Italy's most historically successful soccer club Juventus.
Tether, the issuer of a U.S. dollar-referenced stablecoin dubbed USDT, has already built a stake of more than 10 per cent in the club this year, becoming its second-largest shareholder after the Agnelli family's holding company Exor.
Its proposal contemplates the acquisition of Exor's shareholding in Juventus, representing 65.4 per cent of the total share capital, Tether said in a press release without disclosing the price at which it would buy the shares.
The crypto group intends to invest 1 billion euros to support the club if the acquisition is completed, it said.
Juventus declined to comment on the offer.
Exor CEO John Elkann said in November that the Agnelli family had no intention of selling shares in Juventus. The family's ties with the Turin-based club date back to 1923 when Edoardo Agnelli became chair.
Tether's USDT accounts for more than half the market of stablecoins pegged to the US dollar, according to the Bank of Italy.
The group's CEO Paolo Ardoino is an Italian national and Juventus supporter.
The USDT had a market capitalization of around $186 billion as of Friday. The company's token is backed by U.S. dollars and U.S. Treasuries, and is one of the 20 largest holders of U.S. government debt.
Stablecoins are digital tokens that aim to maintain a stable value through a one-to-one peg to a traditional currency and are back by reserves, mostly in the form of government bonds or deposits.