Original Title: "Crypto Cash Printing Machine Wants to Acquire Juventus: Battle Between New and Old Money in Europe"

Original Author: Sleepy.txt, Dynamic Beating

The world's largest stablecoin giant, Tether, is preparing to acquire Italy's most iconic football powerhouse, Juventus.

On December 12, Tether submitted an acquisition offer to the Italian Stock Exchange, hoping to acquire 65.4% of Juventus shares held by the Exor Group at a price of 2.66 euros per share, which is 20.74% higher than the market price. If the transaction is successful, Tether will also inject an additional 1 billion euros into the club.

This is an all-cash offer. There is no hedging, no additional conditions, only "cash on the barrelhead." In the world of capital, this is the most brutal form of sincerity, and Tether has given the Exor Group only a short 10-day period to consider.

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

The implicit meaning is clear: not for sale.

In less than 24 hours, well-known Italian journalist Eleonora Trotta leaked in a report: Tether is prepared to double the offer, directly raising Juventus's valuation to 2 billion euros.

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

In 1984, Paolo was born in an ordinary small town in Italy. His parents were civil servants, and his grandparents tended a traditional olive grove. It was a typical Italian childhood, with a black-and-white striped jersey, the chants of the Turin Allianz Stadium, and the glory of the Agnelli family, all contributing to his spiritual totem in his memories of growing up.

32 years later, the boy under the olive tree has become the Caesar of the cryptocurrency world, overseeing Tether, a super cash printing machine with an annual profit of 13 billion dollars. Now, he returns in glory, trying to buy his childhood dream and give back to that black-and-white faith flowing in his blood.

But reality has taught passion a lesson.

When Paolo enthusiastically knocked on the door of Juventus, he was not greeted with flowers or applause. Instead, what awaited him was a 9-month-long, old-world-style ostracism and humiliation.

The Ostracized 9 Months

The honeymoon period began in an almost unrequited manner.

In February 2025, Tether announced the acquisition of an 8.2% stake in Juventus, becoming the second largest shareholder after the Exor Group. In an official statement, Paolo set aside his businessman's acumen and unusually revealed a touch of tenderness: "For me, Juventus has always been a part of my life."

Paolo thought it was a mutually beneficial deal: I have money, you need money, let's make a deal. However, in Italy, some doors cannot be opened with money alone.

Two months later, Juventus announced a capital increase plan of up to €1.1 billion. At this crucial moment when a blood transfusion was urgently needed, Paolo, as the second largest shareholder, was deliberately "forgotten." No calls, no emails, no explanations. Exor Group couldn't even be bothered to send him a thank-you note.

Paolo typed out a paragraph full of grievances on social media: "We hoped to increase our stake in Juventus through the club's possible capital increase, but this wish was ignored."

Perhaps Paolo had never felt so slighted in his life. A financial titan overseeing an annual profit of $13 billion could only "remind" Juventus through social media: I want to participate in the capital increase, I want to top up, but I'm being ignored.

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

Whether the outside world sympathizes or questions, in the eyes of the Agnelli family, Paolo is still an "outsider," and their relationship was never about cooperation from the start, but rather "vigilance."

Since emotion couldn't buy respect, then use money instead.

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, Turin, Juventus' annual shareholders' meeting. The atmosphere became eerie due to Tether's interference.

Tether nominated Francesco Garino as a board candidate, a local prominent physician in Turin and a lifelong Juventus fan. Paolo tried to tell everyone: we are not barbarians, we are Turin sons with blood ties.

However, the savvy Exor Group played a trump card and brought out Giorgio Chiellini. The legendary captain, who served Juventus for 17 years and lifted 9 Serie A trophies, was thrust into the spotlight.

This is Exor's strategy, using a club legend to combat capital, using emotion to resist money.

Ultimately, although Tether won a hard-fought seat on the board, in a boardroom where the Agnelli family holds absolute control, a seat means you can listen in, you can make suggestions, but don't even think about touching the steering wheel.

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

A more blunt translation of this statement would be: This is not just business; this is our family's turf. You can come in for tea, but don't expect to be the master here.

The Arrogance and Prejudice of Old Money

Behind John's words lies the glory and pride of a family that spans 102 years.

On July 24, 1923, 31-year-old Edoardo Agnelli took up the mantle of Juventus chairman. From that day on, the fate of the Agnelli family has been closely tied to Juventus. The family's Fiat automotive empire was Italy's largest private enterprise for most of the 20th century, employing countless workers and sustaining millions of families.

And Juventus 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 Italian football history and one of the sources of national pride for the Italian people.

However, the Agnelli family's legacy is filled with bloodshed and rifts.

In the year 2000, Edoardo Agnelli, heir to the family, leaped from a viaduct, ending his struggle with depression. Three years later, the family patriarch, Gianni Agnelli, passed away. The baton of power had to be passed to his grandson, John Elkann.

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

In order 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 to the stock market, doubling its market value; he acquired The Economist, extending the Agnelli family's influence from Italy to the global stage.

However, the unfortunate part is that cracks within the family are becoming public. In September 2025, John Elkann's mother Margherita submitted a 1998 "will" to the Turin court, claiming that the inheritance left to her by her father Gianni was usurped by John. Mother and son are now in court, which in Italy, a country that values family honor, is a massive scandal.

In this context, selling Juventus is akin to admitting the end of the family's honor, acknowledging that one is not as good as the ancestors.

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

Just days before Tether issued a takeover bid, the Exor Group was busy unloading its GEDI media group for 140 million euros to the Greek media group Antenna Group. GEDI owns the two major opinion papers, "La Repubblica" and "La Stampa," whose position in Italy is no less than that of Juventus in Italian football.

After the news broke, there was an uproar in Italy. The Italian government even invoked the "golden power" act, requiring Exor to protect employment and editorial independence in the sales process.

Newspapers in the red are liabilities and must be cut; Juventus in the red is a totem and must be kept.

This choice exposes the old aristocracy's predicament. They are no longer able to maintain their former territories and can only strive to retain the one that best represents the family's honor.

Therefore, despite Paolo's takeover bid offering a market premium of up to 20%, John Elkann still sees it as a threat.

In the values of old European money, the quality of wealth has a hierarchy of disdain.

Every penny of the Agnelli family is infused with the smell of motor oil. It is a monument of industry built from steel, rubber, engine roars, and the sweat of millions of workers. This wealth is visible, tangible; it represents order, control, and a century-long social contract.

And Paolo's money comes from cryptocurrency, from an industry that has experienced rapid growth and controversy over the past decade.

The lessons of the past are vivid.

Just a few years ago, the blockchain company DigitalBit signed an €85 million sponsorship deal with the Serie A giants Inter Milan and AS Roma, but due to a funding chain rupture, DigitalBits defaulted on the sponsorship fee, leading to the termination of the contracts by both clubs, leaving a mess behind.

Not to mention the cryptocurrency industry's series of collapses in 2022. At that time, Luna's logo was displayed at the Washington Nationals' ballpark, and FTX's name was still adorning the Miami Heat's home court. In the eyes of the Agnelli family, the cryptocurrency industry was full of 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 in Need of Salvation

But the question remains: Does Juventus really need money?

Today's Juventus finds itself in deep trouble, all stemming from that day on July 10, 2018, when Juventus announced the signing of the 33-year-old Cristiano Ronaldo. A €100 million transfer fee, a post-tax €30 million annual salary for 4 years.

This was the biggest transfer in Serie A history, as well as the highest salary in Serie A history. Andrea Agnelli, the then-president of Juventus, the fourth-generation head of the Agnelli family, excitedly declared at a shareholder meeting: "This is the most important signing in Juventus history. We will win the Champions League with Cristiano Ronaldo."

Turin was buzzing. Fans flocked to the Juventus stores to buy jerseys with Ronaldo's name on them. Within just 24 hours after the signing, the club sold over 520,000 jerseys, setting a record in football history. Everyone believed that Ronaldo would lead Juventus to the top of Europe.

But Juventus failed to win the Champions League. In 2019, they were eliminated by Ajax; in 2020, by Lyon; in 2021, by Porto. In August 2021, Ronaldo suddenly left and joined Manchester United. Juventus not only failed to recoup their investment, but also sank deeper into financial turmoil.

Actuaries later calculated the overall cost, including the transfer fee, salaries, and taxes, of signing Ronaldo, which amounted to a staggering €340 million. During his three years at Juventus, he scored 101 goals, with each goal costing an average of €2.8 million.

For a club of Juventus' scale, the Champions League's significance lies more in its financial impact rather than just being a prestigious bonus. Revenue sharing from broadcasts, matchday income, and bonuses in sponsorship agreements are closely tied to the Champions League. Once a club loses out on the Champions League, its financial statement immediately weakens, forcing the team to use accounting methods to cover up this gap.

Juventus sold Pjanic to the Spanish powerhouse FC Barcelona for €60 million, while simultaneously acquiring Arthur for €72 million from Barcelona. Both transactions were officially claimed to be unrelated, but everyone knew this was a carefully orchestrated swap deal. Juventus actually only needed to pay a €12 million cash difference, but could book tens of millions of euros in "capital gains" on its financial statement.

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

An investigation found that over three years, the club artificially inflated profits by €282 million through 42 similar suspicious transactions. After the scandal was exposed, the entire board of directors, including Chairman Andrea Agnelli, resigned.

This was followed by penalties imposed on the team: deduction of league points, exclusion from the Champions League, and long-term bans for executives. This further led to a more dreadful vicious cycle, where the team's performance decline resulted in a sharp drop in revenue, the revenue decline made it impossible to sign new players, the inability to sign new players led to even worse performance.

Starting from a €39.6 million loss in the 2018-19 season, Juventus's financial condition deteriorated continuously. By the 2022-23 season, the loss had reached €123.7 million. From the peak of winning nine consecutive Serie A titles to consecutive huge annual losses, in November 2025, Exor Group had to inject nearly €100 million into Juventus once again.

This was already the third time in two years that Exor Group had provided financial support to Juventus. Exor Group also owns assets such as Ferrari, Stellantis automotive group, and The Economist magazine. Juventus's ongoing losses are eroding the group's overall profit. In the 2024 financial report, Exor Group's net profit decreased by 12%, and analysts pointed out that Juventus had become a liability dragging down the group's performance.

John Elkann found himself in a dilemma, unsure of how to make a decision.

Meanwhile, Paolo, with $13 billion in annual profits, is knocking on the door. He has the money, he has the patience, and he has the love for Juventus.

This should have been a perfect deal if there wasn't a towering mountain called "Hierarchy" standing in the way.

A Dream Under the Olive Tree

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

On December 12, Paolo bypassed all private roundtable meetings and, directly through the Italian Stock Exchange platform, made the public tender offer. Paolo backed John Elkann into a corner, forcing him to answer this question in front of all of Italy: Do you want the money, or do you want the family's honor.

News spread, and Juventus' stock price surged, with the market expressing its desire for the "new money." Both "Milano Sport" and "Turin Sport" newspapers reported on the front page of this event, and the entire Apennine Peninsula awaited the Agnelli family's decision.

The Agnelli family's rejection was both expected and unexpected.

Expected because the Agnelli family's pride does not allow them to bow to new money. Unexpected because considering their current financial situation, rejecting this large sum requires a kind of almost tragic stubbornness.

For Paolo, he hoped to use the money he earned to save his childhood idol. Companies ultimately have nationalities, and although Tether is a globally operating digital nomad enterprise, 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 the glory of a 102-year-old family and a symbol of the Italian industrial era.

This is no longer a game of business logic but a clash of two faiths.

In John Elkann's eyes, that bronze gate must remain closed because outside it stands a speculator trying to whitewash his identity. But in Paolo's eyes, that gate should open because outside stands a child with Italian blood who can save this team.

However, the era is not on the side of the old aristocracy.

In the same week that Exor rejected Tether, English Premier League champions Manchester City announced a renewal with the cryptocurrency exchange platform OKX, with the jersey's front sponsorship value exceeding one billion. European powerhouses such as Paris Saint-Germain, Barcelona, AC Milan, and others have already established deep partnerships with cryptocurrency companies. In Asia, the Korean K-League, Japanese J-League, and others are also starting to accept cryptocurrency sponsorships.

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

Paolo's charge, regardless of the outcome, is testing the boundary of this era: when a generation has created vast wealth in a new way, do they deserve to sit at the table of the old world controlled by old money?

At the end of the story, the scene freezes on the olive grove on the outskirts.

32 years ago, a dark-haired boy sat there, accompanied by the sounds of his grandparents' labor, cheering at the black-and-white figure on the television. At that time, he could not have imagined that one day he would stand outside that gate, waiting for an answer.

The tightly closed bronze gate is still cold and majestic at this moment. Behind it is a hundred years of the Agnelli family's glory, as well as the last glow of the old industrial age.

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

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