Juventus, the Great Refusal to Tether and the 2025 accounts: The Agnellis’ last bastion between Debt and Relaunch

Key Points

• Why did Exor reject Tether’s billion-euro offer?

  The refusal is not merely a question of price, but of control and “style.” Tether is already in the house: the report as of June 30, 2025, reveals that Tether Investments holds a significant 11.5% of the capital, making Ardoino’s offer not a bolt from the blue, but an attempt to transform a relevant minority stake into absolute dominion. However, Exor has raised the drawbridge: handing over control of the family’s identitary asset to a crypto player—even if they are already a partner—is a step John Elkann is unwilling to take, preferring to manage the turnaround internally.

• What is the real financial situation of Juventus certified as of 06/30/2025?

  The accounts are improving but remain critical. Turnover surged to €529.6 million (+34% thanks to the return to the Champions League and the Club World Cup), allowing the consolidated loss to be slashed to €58.1 million (against 199 million the previous year). However, net equity is skeletal (€13.2 million) and net debt has risen to €280.2 million. The company is still burning operating cash unless supported by extraordinary maneuvers and survives thanks to Exor’s oxygen (already €30 million injected in 2025 as a payment towards a future capital increase).

• Is Juventus truly unsellable, or is it just a tactic?

  The “unsellability” is tactical. The Elkann-Agnelli family is “entrenching” itself, shielding the debt with a new €150 million Bond (maturing in 2037) and renewing “family” sponsorships (Jeep) to buy time. The Strategic Plan targets break-even only in 2026/2027. Until then, Juve remains the Agnellis’ last stronghold of Italian power, to be defended against hostile takeovers or those deemed “too innovative”—like Tether’s—while awaiting better times (and valuations).

December 2025. As the world prepared for Christmas, a silent but brutal clash was taking place in the hushed rooms of Torinese finance. On one side, Exor, the safe of the Agnelli-Elkann dynasty (controlling 65.4% of the club); on the other, Tether, the stablecoin giant. And take note: Tether is not a stranger knocking at the door, but an awkward bedfellow who, as certified by the latest financial report, already owns 11.5% of Juventus.

Paolo Ardoino’s offer to take over the entire majority package was returned to sender. A sharp refusal that tells the story of a family—the Elkann-Agnellis—who, having diluted their grip on the automotive industry (Stellantis), are now entrenching themselves within their last identitary asset. Let’s look at the real numbers behind this entrenchment, drawn directly from the newly approved financial statements.

The Tether Offer: From Partner to Owner?

To understand the offer, one must look at the shareholding structure. As of June 30, 2025, alongside Exor and the Lindsell Train fund (8.7%), Tether Investments appears with 11.5%. Ardoino wanted to make the leap: to go from minority shareholder to sole owner, putting fresh liquidity (all-cash) on the table for a delisting.

Table 1: Ownership Structure as of 06/30/2025

Tether viewed Juventus as the perfect vehicle for institutional legitimacy (mainstream adoption). But for Elkann, ceding control to a cryptocurrency operator meant admitting that “old” industrial finance no longer possesses the resources to compete.

The Real 2025 Accounts: A Breath of Oxygen, but the Patient is Fragile

Exor said “no” partly because they are convinced the worst is behind them. Reading the Financial Report dated 2025, a picture of convalescence emerges, though vital signs remain at risk.

1. Record Turnover, but it’s not enough

Revenues exploded to €529.6 million, a 34.2% leap compared to the previous black year. The credit?

• Champions League: The return to elite Europe brought in €67.5 million.

• Club World Cup: Participation (stopped at the Round of 16) guaranteed another €27 million.

• Player Trading: Disposals (Soulé, Huijsen, Iling-Junior) generated capital gains of €89.7 million.

2. The Loss Shrinks (but remains)

The “red ink” has dropped drastically: from -199 million in 2024 to -58.1 million in 2025. An improvement of 70%, also the result of painful cuts to registered personnel (costs down to 220 million, -18.7 million in one year). But be warned: losing 58 million means the club is still structurally burning cash.

3. Red Alert on Equity

The most worrying figure is Net Equity, reduced to a mere €13.2 million. A non-existent cushion. It takes only one bad quarter to go negative and force shareholders to recapitalize. Indeed, Exor has already had to inject €30 million in two tranches (March and June 2025) as a “payment towards a future capital increase.” Entrenchment is expensive.

The Strategy of Entrenchment: Bonds, Sponsors, and “Home”

If these are the accounts, how can Juventus refuse 1 billion? The answer lies in debt restructuring and “in-family” management.

• The Big Loan (Buy Time): Net financial debt has risen to €280.2 million. To avoid suffocation, Juve issued a €150 million Bond with PGIM in September 2025, maturing in 2037 with a fixed rate of 4.15%. Elkann moved the problem 12 years down the line. He bought time.

• “Family” Sponsors: Having lost their historic shirt sponsor, Juve returned to the fold. A bridge agreement was signed with Stellantis (Jeep) until 2028 for a total of 69 million, flanked by Visit Detroit. Less money than in the past, but secure money that remains within the Exor perimeter.

• Fanatics and Retail: To generate cash and reduce fixed costs, the merchandising business was ceded to Fanatics (11-year deal). Less business risk, guaranteed margins.

Future Scenarios: Break-Even is the Mirage of 2027

The report is clear: the break-even target is pushed to the 2026/2027 fiscal year. Until then, Exor will likely have to reach into its wallet again (a request for delegation for a capital increase of up to 10% is already planned).

John Elkann refused Tether because he wants to reach that 2027 mark. He wants to rehabilitate Juventus, prove that “old” industry knows how to manage modern sport, and only then—perhaps—evaluate strategic partners. But institutional partners, sovereign funds, or US private equity, not the “new crypto rich” who already sit, somewhat uncomfortably, on his board of directors.

Juventus remains the Agnellis’ last true asset of Italian power. And like any respectable fortress, it will be defended down to the last bond. However, Ardoino may return to the fray with more money and, above all, by putting pressure on the Agnelli-Elkan family with promises of greater investment.