The cryptocurrency printing machine wants to acquire Juventus: A battle between new and old money in Europe

Original Title: "The Printing Machine in the Crypto World Wants to Acquire Juventus: A Battle Between Old and New Money in Europe"

Original Author: Sleepy.txt, Dongcha Beating

The world's largest stablecoin giant Tether is preparing to buy the most iconic football club in Italy, Juventus.

On December 12, Tether submitted a takeover bid to the Italian securities trading platform, hoping to acquire 65.4% of Juventus shares held by Exor Group at a price of €2.66 per share, which is 20.74% higher than the market price. If the deal is successful, Tether will also inject an additional €1 billion into the club.

This is an all-cash offer. There are no betting agreements, no additional conditions, just "cash on delivery." In the world of capital, this is the most straightforward sincerity, and Tether has given Exor Group only a short 10 days to consider.

However, Exor Group, controlled by the Agnelli family, quickly issued a statement: "There are currently no negotiations regarding the sale of Juventus shares."

The implication is clear: not for sale.

Within 24 hours, renowned Italian journalist Eleonora Trotta reported that Tether is preparing to double its offer, directly raising Juventus's valuation to €2 billion.

The person at the eye of the storm is Paolo Ardoino.

Born in 1984 in a small town in Italy, Paolo's parents were civil servants, and his grandparents tended to a traditional olive grove. It was a typical Italian childhood, with black and white striped jerseys, the shouts from the Allianz Stadium in Turin, and the glory of the Agnelli family forming the spiritual totem of his growing memories.

32 years later, the boy under the olive tree has grown into the Caesar of the cryptocurrency world, managing Tether, a super printing machine with an annual profit of $13 billion. Now he returns home, trying to buy back his childhood dream and give back to the black and white faith that flows in his blood.

But reality has given him a lesson in sentiment.

When Paolo enthusiastically knocked on Juventus's door, he was met with no flowers, no applause. What awaited him was a nine-month-long exclusion and humiliation from the old world.

The Exclusion of Nine Months

The honeymoon phase began in an almost one-sided manner.

In February 2025, Tether announced it had acquired 8.2% of Juventus shares, becoming the second-largest shareholder after Exor Group. In the official statement, Paolo shed the shrewdness of a businessman and rarely revealed his softer side: "For me, Juventus has always been a part of my life."

Paolo thought this was a mutually beneficial business: I have money, you need money, and we hit it off. However, in Italy, some doors cannot be opened just because you have money.

Two months later, Juventus announced a capital increase plan of up to €110 million. At this critical moment when they needed a cash injection, Paolo, as the second-largest shareholder, was deliberately "forgotten." No phone calls, no emails, not a word of explanation. Exor Group didn't even bother to send him a courtesy card.

Paolo typed a message filled with grievance on social media: "We hoped to increase our stake in Juventus through the club's possible capital increase, but this wish was ignored."

Paolo probably has never felt so aggrieved in his life. A financial giant managing an annual profit of $13 billion could only use social media to "remind" Juventus: I want to participate in the capital increase, I want to invest more, but I am not taken seriously.

Some sympathized with Paolo, believing he was a true fan of Juventus; others questioned his motives, thinking he just wanted to use Juventus to whitewash Tether's image.

Regardless of whether the outside world sympathized or questioned, in the eyes of the Agnelli family, Paolo remained an "outsider." The relationship between the two parties was not one of cooperation from the start, but rather one of "guarding against."

Since sentiment cannot buy respect, then let money do the talking.

From April to October, Tether increased its stake from 8.2% to 10.7% through the open market. According to Italian law, holding more than 10% gives the right to nominate board members.

On November 7, in Turin, at Juventus's annual shareholders' meeting, the atmosphere became tumultuous due to Tether's interference.

Tether nominated Francesco Garino as a candidate for the board, a well-known local doctor and lifelong Juventus fan. Paolo tried to tell everyone: we are not barbarians; we are the sons of Turin with blood ties.

However, the seasoned Exor Group played a trump card, Giorgio Chiellini. This legendary captain, who served Juventus for 17 years and won 9 Serie A trophies, was pushed to the forefront.

This is Exor's strategy: to use legends to counter capital, to use sentiment to counter money.

In the end, although Tether managed to secure a board seat, in a board controlled absolutely by the Agnelli family, one seat means you can listen, you can make suggestions, but don’t expect to touch the steering wheel.

John Elkann, the fifth-generation head of the Agnelli family, summarized: "We are proud to have been shareholders of Juventus for over a century. We have no intention of selling our shares, but we are open to constructive ideas from all stakeholders."

To put it more bluntly: this is not just business; this is our family's territory. You can come in for tea, but don’t expect to be the master here.

The Arrogance and Prejudice of Old Money

John's words carry the weight of a family's 102 years of glory and pride.

On July 24, 1923, 31-year-old Edoardo Agnelli took over as president of Juventus. From that day on, the fate of the Agnelli family became tightly bound to Juventus. The family's Fiat empire was the largest private enterprise in Italy for most of the 20th century, employing countless workers and supporting millions of families.

Juventus, on the other hand, is another symbol of this family's power. With 36 Serie A titles, 2 Champions League titles, and 14 Coppa Italia trophies, Juventus is the most successful club in the history of Italian football and one of the sources of national pride for the Italian people.

However, the history of the Agnelli family's legacy is filled with blood and fractures.

In 2000, heir Edoardo Agnelli jumped from an overpass, ending his battle with depression. Three years later, family patriarch Gianni Agnelli passed away. The baton of power had to be handed to his grandson, John Elkann.

John was born in New York and grew up in Paris. He speaks English, French, and Italian, but his Italian has a noticeable foreign accent. In the eyes of many old-school Italians, he is merely a proxy who gained power through bloodline.

To prove himself worthy of the Agnelli family, John spent a full 20 years.

He restructured Fiat, merged with Chrysler, creating the world's fourth-largest automotive group, Stellantis; he took Ferrari public, doubling its market value; he bought The Economist, extending the influence of the Agnelli family from Italy to the world.

However, the unfortunate reality is that the fractures within the family are becoming public. In September 2025, John Elkann's mother, Margherita, submitted a "will" from 1998 to the Turin court, claiming that the inheritance left to her by her father Gianni was being usurped by John. A mother-son lawsuit is a huge scandal in Italy, a country that values family honor.

In this context, selling Juventus would mean admitting the end of the family's glory and acknowledging that they are not as good as their ancestors.

To hold onto Juventus, John is frantically selling off other family assets.

Just days before Tether made its acquisition offer, Exor Group was busy selling its GEDI media group for €140 million to the Greek media group Antenna Group. GEDI owns two major media outlets, La Repubblica and Il Messaggero, which hold a status in Italy comparable to that of Juventus in Italian football.

The news caused an uproar in Italy. The Italian government even invoked the "golden power" law, requiring Exor to protect jobs and editorial independence during the sale process.

Newspapers are a loss, they must be cut; Juventus is a totem, it must be kept.

This choice exposes the plight of the old aristocracy. They can no longer maintain their former territory and can only strive to retain what best represents the family's glory.

Thus, despite Paolo's acquisition offer having a market premium of up to 20%, John Elkann still sees it as a threat.

In the value system of old money in Europe, the quality of wealth is hierarchical.

Every penny of the Agnelli family is soaked in the scent of oil. It is an industrial monument built from steel, rubber, the roar of engines, and the sweat of millions of workers. This wealth is visible and tangible; it represents order, control, and a century-long social contract.

In contrast, Paolo's money comes from cryptocurrency, from an industry that has grown wildly and controversially over the past decade.

The lessons from the past are vivid.

Just a few years ago, blockchain company DigitalBit signed a €85 million sponsorship contract with Serie A giants Inter Milan and AS Roma, but DigitalBits defaulted on sponsorship fees due to a cash flow crisis, forcing both clubs to terminate the contract, leaving a mess behind.

Not to mention the series of collapses in the cryptocurrency industry in 2022. At that time, Luna's logo was displayed at the Washington Nationals' stadium, and FTX's name was still emblazoned on the Miami Heat's home arena. In the eyes of the Agnelli family, the cryptocurrency industry is filled with speculation and bubbles.

In the eyes of the Agnelli family, Paolo will always be an "outsider." Not because of his background, but because of his money.

A Totem That Needs to Be Saved

But the problem is, Juventus really needs money.

Juventus is currently mired in a quagmire, all stemming from that day on July 10, 2018, when Juventus announced the signing of 33-year-old Cristiano Ronaldo. A transfer fee of €100 million, a net annual salary of €30 million, for a period of 4 years.

This is the largest transfer in Serie A history and the highest salary in Serie A history. Then-president Andrea Agnelli, the fourth-generation head of the Agnelli family, excitedly stated at the shareholders' meeting: "This is the most important signing in Juventus's history. We want to win the Champions League with Cristiano Ronaldo."

The city of Turin erupted in excitement. Fans flocked to Juventus stores to buy jerseys bearing Ronaldo's name. Within just 24 hours of the signing, the club sold over 520,000 jerseys, setting a record in football history. Everyone believed that Ronaldo would lead Juventus to the pinnacle of Europe.

But Juventus did not win the Champions League. In 2019, they were overturned by Ajax; in 2020, they were eliminated by Lyon; in 2021, they were defeated by Porto. In August 2021, Ronaldo suddenly left for Manchester United. Juventus not only failed to recoup its investment but also fell deeper into financial trouble.

Actuaries later calculated the total cost of signing Ronaldo, including transfer fees, salaries, and taxes, which amounted to €340 million. During his three years at Juventus, he scored 101 goals, averaging €2.8 million per goal.

For a club of Juventus's size, the significance of the Champions League is not just an honor; it is a cash flow switch: broadcasting revenue, matchday income, bonuses in sponsorship agreements, many of which are tied to the Champions League. Once the Champions League is lost, the financials will immediately shrink, and the team will be forced to use accounting methods to fill this gap.

Juventus sold Pjanic to Barcelona for €60 million while buying Arthur from Barcelona for €72 million. Officially, both transactions claimed to be unrelated, but everyone knew it was a carefully designed round-trip transaction. Juventus only needed to pay a cash difference of €12 million but could record tens of millions of euros in "capital gains" on the books.

This accounting method is not uncommon in the football world, but Juventus took it too far.

Prosecutors found that over three years, the club inflated profits by €282 million through 42 similar suspicious transactions. After the scandal was exposed, the entire board, including chairman Andrea Agnelli, resigned collectively.

What followed was punishment for the team: deduction of league points, exclusion from the Champions League, and long-term bans for executives. This further led to a more terrifying vicious cycle: the team's performance declined, leading to a sharp drop in income, reduced income leading to an inability to sign new players, and an inability to sign new players leading to worse performance.

Starting with a loss of €39.6 million in the 2018-19 season, Juventus's financial situation continued to decline, reaching a loss of €123.7 million in the 2022-23 season. From the peak of nine consecutive Serie A titles to now suffering massive losses year after year, in November 2025, Exor Group had to inject nearly €100 million into Juventus again.

This is already the third time Exor Group has provided a cash injection for Juventus in two years. Exor Group also owns assets such as Ferrari, Stellantis automotive group, and The Economist, and Juventus's continued losses are eroding the profits of the entire group. In the 2024 financial report, Exor Group's net profit fell by 12%, and analysts pointed out that Juventus has become a liability dragging down the group's performance.

John Elkann is caught in a dilemma, unsure of how to make a decision.

Meanwhile, Paolo, with an annual profit of $13 billion, is knocking at the door. He has money, he has patience, and he has a love for Juventus.

This should have been a perfect deal if it weren't for the mountain named "class" standing in the way.

The Dream Under the Olive Tree

Paolo's knocking went unanswered, so he made his own choice.

On December 12, Paolo bypassed all private roundtable discussions and directly made the offer public through the Italian securities trading platform. Paolo cornered John Elkann, forcing him to answer this question in front of all of Italy: do you want money, or do you want the family's face?

The news broke, and Juventus's stock price soared, reflecting the market's desire for "new money." Both Gazzetta dello Sport and Tuttosport reported the story on their front pages, and the entire Apennine Peninsula was waiting for the Agnelli family's decision.

The Agnelli family's rejection was expected yet also reasonable.

It was expected because the Agnelli family's pride does not allow them to bow to new money. It was also reasonable because, given their current financial situation, rejecting this huge sum requires a near-tragic stubbornness.

For Paolo, he hopes to use the money he earned to save his childhood idol. Enterprises ultimately have nationalities; although Tether is a digital nomad company with a global presence, its CEO is Italian, and its heart is in Italy.

From the Agnelli family's perspective, they are guarding not only a club but also a family's 102 years of glory and a symbol of the Italian industrial era.

This is no longer a game of commercial logic; it is a clash of two beliefs.

In John Elkann's eyes, that bronze door must remain closed because outside stands a speculator trying to whitewash his identity; but in Paolo's eyes, that door should be opened because outside stands a child of Italian blood who can save this team.

However, the times do not stand on the side of the old aristocracy.

Just the same week Exor rejected Tether, Premier League champions Manchester City announced a renewal with cryptocurrency exchange OKX, with the jersey sponsorship worth over €100 million. European giants like Paris Saint-Germain, Barcelona, and AC Milan have already established deep partnerships with cryptocurrency companies. In Asia, South Korea's K League and Japan's J League have also begun accepting cryptocurrency sponsorships.

The entry of new money into traditional industries controlled by old money is no longer a question of "whether" but "in what way." Football is just one battlefield; in the art auction sector, Sotheby's and Christie's have begun accepting cryptocurrency payments; in real estate, luxury transactions in cities like Dubai and Miami can now be completed with Bitcoin. The same conflict is unfolding globally.

Paolo's charge, regardless of success or failure, is testing the boundaries of this era: when a generation creates immense wealth in new ways, do they have the right to sit at the table controlled by old money in the old world?

The story ends with a scene frozen in that olive grove.

32 years ago, a dark-haired boy sat there, accompanied by the sounds of his grandparents working, cheering at the black and white striped figures on the television. At that time, he could not have imagined that one day he would stand outside that door, waiting for a response.

That tightly closed bronze door remains cold and imposing. Behind it lies a hundred years of glory for the Agnelli family, as well as the last rays of the old industrial era.

Now it has not opened for new money, but this time, the one knocking will not back down. Because he knows that pushing open this door is just a matter of time.

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