Tether Holdings announced on Friday that it submitted a binding all-cash proposal to Exor, a Dutch-based global investment holding company controlled by Italy’s Agnelli family, to acquire its entire stake in Juventus Football Club.

The proposal covers Exor’s 65.4% shareholding in Juventus, and Tether has offered a €1 billion ($1.17 billion) investment if the acquisition is completed.

Juventus A ‘Part Of My Life’: Tether CEO

El Salvador-based Tether (CRYPTO: USDT), best known for its USDT stablecoin, plans to fund the transaction with its own capital.

Paolo Ardoino, CEO of Tether, said, "For me, Juventus has always been part of my life. I grew up with this team. As a boy, I learned what commitment, resilience, and responsibility meant by watching Juventus face success and adversity with dignity."

Following the announcement, Juventus’ fan token, JUV, surged by 30%.

The club is one of Europe’s most well-known football teams, and if this deal is completed, it would mark the first-of-its-kind, where a crypto firm takes control of a major sports club.

According to a Bloomberg report, however, the Agnelli family is not planning to sell.

Separately, Tether is pursuing a $20 billion capital raise at a valuation near $500 billion while weighing share tokenization.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.