Tether, the issuer of the world’s largest stablecoin, has secured a significant board seat at Italian football giant Juventus, marking a strategic escalation in its broader drive to fuse digital assets and artificial intelligence with traditional industries.
The company announced the official appointment of Dr. Francesco Garino to the board of Juventus Football Club S.p.A., one of Europe’s most iconic teams. Garino, an internationally renowned orthodontist, is a lifelong fan of the Turin-based club.
Paolo Ardoino, Tether’s Chief Executive Officer, confirmed the news via a post on X (formerly Twitter). He stated in Italian, “Tether just received its first seat on the Juventus board… Francesco Garino confirmed!”
Ardoino thanked minority shareholders for their support. He characterized the move as “the first necessary step towards MJGA,” referencing his “Make Juventus Great Again” campaign.
Garino’s background as a local, dedicated fan is intended to provide a voice for supporters in the club’s decision-making process.
Tether has rapidly expanded its financial stake in Juventus. It became the club’s second-largest shareholder, increasing its ownership to 10.12% in April.
This strategic increase also boosted Tether’s voting rights from 5% to 6.18%. Earlier this year, in February, Tether Investments, the company’s investment arm, acquired an initial minority stake.
The stated goal of these investments is to accelerate the integration of digital assets and the sports industry. Tether aims to enhance the fan experience through blockchain technology.
🚨 Tether secures seat on Juventus board 🚨
Francesco Garino will represent Tether on the Italian club's board.
The company becomes the second largest shareholder, increasing its stake to 10.12%.
This step reinforces the integration of Blockchain in… pic.twitter.com/eViX3I3TJD— Diario฿itcoin (@DiarioBitcoin) May 29, 2024
Tether’s shareholding is now second only to the Agnelli family. Their holding company, Exor, controls approximately 65% of the club’s shares and has led the institution for over a century.
John Elkann, CEO of Exor, has stated the family has no immediate plans to sell its controlling stake. He added, however, that the group is “open to constructive ideas from all shareholders who share our passion and ambition for the club.”
Industry analysts view Elkann’s remarks as a potential opening for future collaborations with Tether, particularly in areas of technological innovation and financial development.
Ardoino addressed the possibility of a full acquisition of the club. He commented, “You can only buy what someone wants to sell,” aligning with Exor’s current stance.
Garino’s appointment is the first of two board nominations Tether proposed. The second candidate, Zachary Lyons, Tether’s Assistant Investment Director, is still awaiting confirmation.
Lyons was nominated to contribute to the club’s financial and strategic development. Evaluation of his candidacy is expected to continue in the coming months.
Tether’s expansion into football is part of a broader strategy to integrate digital assets and artificial intelligence solutions across various sectors. The company announced a $1 billion investment plan in 2024.
This plan focuses on artificial intelligence, financial infrastructure, and biotechnology. As part of this strategy, Tether recently acquired a majority stake in Blackrock Neurotech, a biotechnology firm specializing in neurointerfaces, through a $200 million investment.