Exclusive-Agnelli family fully committed to Juventus as Tether takes stake, Elkann says

TURIN, Italy :Italy's Agnelli family has no intention of selling shares in soccer club Juventus, but is open to collaboration with other investors, family scion John Elkann told Reuters, after cryptocurrency group Tether amassed a significant stake.

Elkann is CEO of Exor, the holding company of the Agnelli family, whose ties with the Turin-based soccer club, Italy's most successful, date back to 1923 when Edoardo Agnelli became chair. Exor is the club's controlling shareholder.

Asked whether Exor was considering selling Juventus shares, Elkann told Reuters that the firm had no intention to do so. 

"We remain fully committed to Juventus and are proud to be its controlling shareholder for over a century," he said.

CRYPTO FIRM TETHER BUILDS STAKE IN CLUB

The comments, the most direct on the matter, come after Tether built a stake of more than 10 per cent in the club this year. It has proposed two candidates to join the Milan-listed firm's new board with investors set to vote at an annual meeting on Friday.

"We are and have always been open to constructive ideas from all stakeholders who share our ambition and passion for the club," Elkann said, opening the door to possible collaboration with Tether.

Tether, the creator of the world's largest stablecoin, is now Juventus' second-largest shareholder after Exor, which owns around 65 per cent.

JUVENTUS HAS FACED STRUGGLES ON THE PITCH

Juventus claimed a ninth successive Italian league title in 2020 but have not won it since. They appointed former Italy national team manager Luciano Spalletti as coach at the end of October after sacking Igor Tudor because of poor results.

"We support the new board and new management team, as our priority remains to combine strong sporting results with