American Marconi Wireless News - Crypto firm Tether bids for Juventus, is quickly rebuffed

"Juventus is not for sale," said a source close to Exor, the holding company of the Agnelli family, which has controlled the club since 1923.

Tether, which already has an 11.5-percent stake in Juventus, said in a statement that it "has submitted a binding all cash proposal to Exor to acquire its entire stake".

Exor currently has a 65.4 percent stake in the club.

Tether offered 2.66 euros a share, valuing the company at 1.1 billion ($1.3 billion), according to the ANSA news agency.

Juventus shares closed at 2.19 euros Friday on the Milan stock market.

Amid rumours of a possible Saudi investment, Exor had earlier Friday insisted it had no intention of selling its shares.

And the source close to Exor stressed to AFP on Friday night that this remained the case, whether to Tether or anyone else.

Tether controls USDT, a popular stablecoin -- a cryptocurrency designed to hold a steady value by being pegged to traditional assets.

It has said it is guided by the goal to "Make Juventus Great Again", a play on US President Donald Trump's "Make America Great Again" slogan.

It acquired its first stake in Juventus in February, saying it was seeking to integrate its businesses -- which also include AI and biotech -- into the sports industry.

Last month, Juventus shareholders appointed Tether nominee Francesco Garino to the board of directors.

In the statement on Friday, its chief executive, Paolo Ardoino, said his company was prepared to invest one billion euros in developing the club.

"For me, Juventus has always been part of my life. I grew up with this team," he said.

He added: "Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon."

According to ANSA, the bid offer will automatically lapse if Exor does not send its written acceptance by 6:00 pm (1700 GMT) on December 22.

M.Fischer--AMWN