Digital asset issuer Tether, which produces a type of stablecoin cryptocurrency, has bought a minority stake in Italian soccer giants Juventus.
The deal has been struck to use Tether’s expertise around technology to deliver a “sports-digital asset synergy at a new level.”
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This marks a significant moment in terms of a digital asset brand investing in a major European soccer club for the first time (although many Italian clubs, as well as others elsewhere in Europe, have had cryptocurrency and blockchain brands as sponsors over the last few years).
The firm is now looking at integrating its digital assets and expertise in the fields of AI and biotech into the top-tier sports industry, and specifically in this case into Juventus. Tether is also aiming to promote blockchain technology such as stablecoin (any cryptocurrency designed to ensure a stable base price) within the wider sports industry.
The Turin-based heavyweights have been majority-owned by the Agnelli family (through holding company Exor) since 1923 – the family is also the majority owner of the automotive company Stellantis – which comprises well-known brands such as Fiat, Chrysler, Alfa Romeo, and Ferrari.
Last September, Juventus posted a loss of €199.2 million ($223 million at the time) for the 2023-24 financial year, severely hampered by their non-participation in lucrative UEFA club competitions last season.
The loss increased significantly from a deficit of €123.7 million in the prior year.
However, the Serie A outfit expects its operating result and cash flow to be in the break-even range in the 2024-2025 financial year with a return to Champions League action and a “normalization of revenues."
Paolo Ardoino, Tether's chief executive, said: “Aligned with our strategic investment in Juve, Tether will be a pioneer in merging new technologies, such as digital assets, AI, and biotech, with the well-established sports industry to drive change globally. We will explore avenues for innovative collaborations and the potential to revolutionize the global sports landscape.”
Juventus currently sit fourth in the 20-team Serie A, 10 points behind leaders Napoli with 13 games of the 2024-25 campaign remaining.
Mid-January saw another Serie A club, Hellas Verona, taken over by Presidio Investors, a US private equity firm.
The Texas-based investment firm completed a 100% acquisition of the team from previous owner Maurizio Setti.
