Tether Eyes Juventus Board Seat Amid Communication Breakdown

Tether CEO Paolo Ardoino has expressed frustration over the limited communication between Tether, Juventus, and Exor, the club’s majority owner.

Tether Wants Voice on Key Decisions

Stablecoin issuer Tether, which recently upped its stake in Italian football giant Juventus and is now its second-largest shareholder, claims that communication between the club, Exor and the stablecoin issuer has been “very, very limited.” Tether CEO Paolo Ardoino claims his company’s attempts to further raise its shareholding via a capital raise are being ignored by the club. He hinted that Tether is also interested in securing a seat on the club’s board of directors.

“Our interest is in ensuring the long-term success of the club. We believe having a voice in key decisions is part of fulfilling that responsibility,” Tether reportedly said.

As reported by Bitcoin.com News in late April, Tether increased its shareholding in the football club from 8.2% to 10.12%, a move that marginally increased its voting rights to 6.18% up from 5%. At the time, Ardoino expressed Tether’s desire to participate in future equity injections, which the stablecoin issuer said would protect its ownership stake from being diluted.

A spokesperson for Juventus, meanwhile, appeared to downplay Tether’s claims, insisting that the two parties had indeed exchanged letters about a meeting but no date has been set. The unnamed spokesperson suggested a meeting could be held after the ongoing FIFA Club World Cup has ended.

For its part, Exor, which owns two-thirds of the club, reportedly said it plans to evaluate Tether’s proposition after the stablecoin issuer and Juventus meet.

Ardoino indicated that the company might hesitate to purchase more publicly listed Juventus shares due to a lack of communication from the football club. Both Ardoino and Tether’s chairman, Giancarlo Devasini, who are Italian, have been lifelong supporters of Juventus.

The Italian football team, which has fallen from grace, is seeking to raise $116 million, or about 10% of its market capitalization. Exor has reportedly agreed to provide $17.4 million in cash upfront and may participate in further capital-raising rounds to ensure its shareholding is not diluted.