Gate News bot reports that the stablecoin issuer Tether has recently increased its stake in Italian football giant Juventus and is now its second-largest shareholder, claiming that communication between the club, Exor, and the stablecoin issuer is “very, very limited.” Tether CEO Paolo Ardoino stated that the company’s attempts to increase its shareholding through capital increase have been ignored by the club. He hinted that Tether is also interested in obtaining a seat on the club’s board.
Tether stated: “Our interest is in ensuring the long-term success of the club. We believe that having a voice in key decisions is part of fulfilling that responsibility.”
As reported in late April, Tether’s stake in the football club increased from 8.2% to 10.12%, which slightly raised its voting power from 5% to 6.18%. At that time, Ardoino expressed Tether’s desire to participate in future equity injections, stating that the stablecoin issuer aims to protect its ownership from dilution.
At the same time, the spokesperson for Juventus seems to have downplayed Tether’s statement, insisting that both parties did exchange letters regarding the meeting, but the date has not yet been confirmed. This unnamed spokesperson suggested that the meeting could take place after the ongoing FIFA Club World Cup concludes.
Exor stated that it plans to evaluate Tether’s proposal after meeting with the stablecoin issuer and Juventus.
Ardoino pointed out that due to the lack of communication from the football club, the company may hesitate to purchase more publicly listed Juventus shares. Both Italian and Tether chairman Giancarlo Devasini and Ardoino have been loyal supporters of Juventus from the beginning.
This Italian football team, which has fallen from glory, is seeking to raise $116 million, approximately 10% of its market value. According to reports, Exor has agreed to provide $17.4 million in cash upfront and may participate in further capital increase rounds to ensure its stake is not diluted.
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