Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the news of Tether investing in the sports team Juventus Football Club.
Tether Gets Minority Stake in Juventus F.C.
In a blog post on the Tether website it was announced they have acquired a minority stake in the Italian football club Juventus F.C. The acquisition means Tether have added to their investment portfolio which includes digital assets, AI, and biotech as they will look to implement these areas into the sport of football. This is in line with the ongoing trend of the integration of blockchain with sports.
The announcement was made last Friday and the investment was executed through Tether’s investment arm. This is separate from its stablecoin reserves and continues the company’s previous involvement with FC Lugano via the Plan ₿ initiative. The size and financial details of the transaction was not disclosed but Tether CEO Paolo Adriano noted:
“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.”
The company also stated that acquiring a stake in Juventus strengthens its engagement with professional football and opens the door for further integrations of blockchain-based solutions in the industry. Currently Tether is assembling an advisory team and has named Juan Sartori, who has experience with Sunderland AFC and AS Monaco, to serve in a leadership role. Adriano also noted the potential to reshape aspects of football by combining digital payments with blockchain-based operational improvements. He stated on social media:
“We will explore avenues for innovative collaborations and the potential to revolutionize the global sports landscape. Make Juventus Great Again.”
Shares in the club rallied on Friday after the announcement, with a rise of as much as 4.7% on heavy volumes and paring gains closing up 1.57% at 2.531 euros. The Turin-based club, which is controlled by Italy's Agnelli family through their investment company Exor who own a 64% stake in Italy's most successful club. None of the stake acquired by Tether came from the Exor holdings.
In the last six years Juventus had to raise around 900 million euros ($945.5 million) from its shareholders in three separate cash call operations to beef up its balance sheet. A loss of almost 200 million euros was announced for the financial year ending June 30th 2024. The club, popularly known as the Bianconeri because of its black and white team jersey, currently ranks fifth in Italy's Serie A standings and is in a Champions League knockout phase playoff with PSV Eindhoven.
Have a great day.
Peace. CryptoGod-1.
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