Juventus and Its Deep Ties to the Agnelli Family
Every season, Juventus kicks off by venturing about an hour from Turin to a picturesque village nestled at the base of the French Alps.
Villar Perosa is more than just a retreat; it’s the beloved summer haven for the Agnelli family. Since 1959, players have walked through the elegant corridors of a Baroque mansion, meandering into gardens crafted by landscape architect Russell Page. Family heirs like Gianni, Umberto, Andrea, and John Elkann often partake in this tradition, mingling and discussing aspirations for the upcoming year.
After these introspective moments, the team heads to a village square for a friendly match pitting Juventus A against Juventus B. The field is so cozy, or cramped, that locals tend to spill onto the pitch before the final whistle, creating a lively atmosphere. This unscripted energy is part of what distinguishes Juventus as a club.
No other football club quite mirrors the deep-rooted connection between its owners and its legacy like Juventus does. The Agnelli family has stood as its cornerstone for more than a century.
During a recent event marking the 100th anniversary of his great-grandfather’s acquisition of the club back in 1923, current owner John Elkann expressed his emotions, stating, “I’m very emotional to be here.” In the club’s museum, or J Museum, filled with trophies, he noted, “We have 83 trophies, 82 of which were won by family members.”
The lines blur between the club and the family itself. For many, it’s simply hard to imagine a future where Juventus isn’t in Agnelli hands.
Yet, a twist emerged recently as Tether, a company based in El Salvador and renowned for its stablecoin, made headlines. They proposed an unprecedented move to buy 65.4 percent of Juventus’ shares from Exor, the Agnelli family’s holding company, in a deal reportedly worth 1.1 billion euros (or around $1.3 billion).
On social media, Tether announced its ambition succinctly: the company aims to own Juventus Football Club.
Giancarlo Devasini, Tether’s co-founder and chairman, comes from a medical background as a former surgeon from Turin, and his net worth is estimated at $8.25 billion. Meanwhile, Tether’s CEO, Paolo Ardoino, revealed his long-standing affection for Juventus, stating, “Juventus has always been a part of my life.”
Should Tether’s current 3% stake generate profits of $15 billion to $20 billion, the valuation could soar to $500 billion, placing the company among giants like OpenAI and SpaceX. The proposal even included a commitment of €1 billion to bolster and develop the club, highlighting serious intent. However, if Exor didn’t respond by a set deadline, the bid would lapse.
On Saturday, the Juventus board wasted no time, swiftly rejecting Tether’s unsolicited offer.
This move stirred mixed reactions among loyal fans. Tether already owns an 11.5% stake in Juventus, which operates on Milan’s Euronext stock exchange. At a recent shareholders’ meeting, they even suggested two candidates for board positions. Tether reiterated its intention to drive positive change within the club. The ambition expressed was notable: “Make Juventus great again.”
A representative from Tether is on the board, but the individual’s credentials might raise some eyebrows. Not from a tech background, Francesco Garino is actually a dentist and former chief dental officer for the 2006 Winter Olympics in Turin—certainly an interesting pick.
The timing of Tether’s offer appears rather strategic. Despite navigating past controversies, the company has gained traction within the crypto community. However, recent downgrades in credit ratings raise questions about Tether’s exposure to higher-risk assets and its transparency.
Regarding Exor, Tether’s bid adds another layer of intrigue. The company had shifted its operations from Milan to Amsterdam three years ago, leading some to believe the Agnelli family was shifting focus. More recently, Exor has found itself involved in media sales discussions, further raising eyebrows about its future direction.
Against a backdrop of financial challenges, Juventus has recorded losses nearing 1 billion euros in recent years. Factors contributing to this include the expensive signing of Cristiano Ronaldo, unfortunate timing with the pandemic, and shifts in financial regulations.
According to Exor’s report, they faced significant disruptions and uncertainty which impacted operations. This may explain why Elkann once met with a high-profile figure like President Trump during a sports event.
Comparisons are drawn with Scuderia Ferrari, which also faces criticisms over management following its lack of championship wins for years. This alludes to a broader concern regarding the direction of both Juventus and the Agnelli’s ventures.
Tether’s advance amidst Juventus’ ongoing struggles hints at a more extensive narrative about the club’s future since Andrea Agnelli departed as chairman three years back due to various financial inquiries. Juventus seems to be yearning for a reassuring identity at this juncture.
Interestingly, 2023 marked the last preseason match at Villar Perosa, a place imbued with history. With significant players stepping away, including Giorgio Chiellini, the current leadership under Damien Comolli is under scrutiny to prove they can preserve the legacy of one of Italy’s footballing giants.
If Serie A’s most decorated club remains without a title this season—currently seventh and eight points adrift from the leaders—it would mark a significant gap since its last glory. For many fans, Elkann’s ongoing commitment to revitalizing the institution offers a flicker of hope. After all, for some supporters, Juventus without the Agnelli touch might just be a faceless football team, despite its storied achievements.
In stark words, Elkann stated, “Juve has been part of my family for 102 years, in the truest sense. Four generations have nurtured it through challenges and celebrations. But it’s more than that; it encompasses millions of fans who cherish Juventus like family.” He concluded by emphasizing that their history and values are not for sale.
