Tether’s offer to buy Juventus below club’s value

La Gazzetta dello Sport notes that Tether’s offer to buy Juventus is below the actual club’s value which is ‘realistically’ between €1.8 and 2 billion.

Crypto giants Tether, a minority Juventus shareholder, announced an €1.1 billion offer to acquire a majority stake in the club on Friday, but the Agnelli family replied through a spokesperson that the club is not for sale.

Gazzetta examines the Bianconeri’s financial situation, describing the Serie A giants as a ‘sleeping giant’ with considerable assets, including a club-owned stadium and training centres worth €450m, but also a poor financial situation with losses of nearly one billion in the last eight years that forced club owners to make cash injections for over €900m.

When Andrea Agnelli became the club’s President in May 2010, Juventus’ stock market capitalisation was €162m, and it peaked to €1.5 billion in 2019, driven by the signing of Cristiano Ronaldo a year earlier. Currently, Juventus are valued at €915m on the Milan stock exchange.

Football Benchmark’s latest report gives Juventus a value of €1.651 billion; according to Forbes, the club’s worth is slightly higher at €1.9 billion. Realistically, according to Gazzetta, the range lies between €1.8 billion and €2 billion.

With their statement, however, Tether assigned to Juventus an equity value of €1.1 billion. Considering the financial debt of around €300m, the enterprise value would be €1.4 billion, according to the crypto giants, below market estimates.

Don’t forget that, back in 2022, Elliott sold Milan, who didn’t have a club-owned stadium, to RedBird for €1.2 billion, while more recently, Atletico Madrid’s majority stake was acquired by Apollo with an enterprise value of €2.5 billion.

Even if Juventus have solid assets, they’ve been falling short financially in recent years, accumulating €999m in losses between 2014-15 and 2024-25. Juventus have not been profitable for the past eight seasons, requiring four capital increases.

The last one worth €98 was completed just a few weeks ago, when Exor and Tether subscribed their stakes, 65.4% and 11.5% respectively, for a total of €77m, while the remainder came from institutional investors.

However, there have been positive signals in recent months as, last season, the deficit was cut to €58m compared to €199m from the previous financial year.

The updated business plan targets break-even by the end of the 2026-27 campaign, but that will largely depend on results on the pitch, with access to the big Champions League prize money, and the increase of the players’ worth.