Italy’s Agnelli family has no plans to sell their shares in soccer powerhouse Juventus, but they remain open to working with other investors, family scion John Elkann told Reuters. The comments follow cryptocurrency firm Tether’s recent acquisition of a significant stake in the club.

Elkann, CEO of Exor—the Agnelli family’s holding company and Juventus’ controlling shareholder—emphasized the family’s long-standing connection with the Turin-based club, which dates back to 1923 when Edoardo Agnelli became chairman.

Asked if Exor was considering selling its stake, Elkann said, “We remain fully committed to Juventus and are proud to be its controlling shareholder for over a century.”

Crypto Firm Becomes Second-Largest Shareholder

Tether, the creator of the world’s largest stablecoin, has built a stake of more than 10% in Juventus this year, proposing two candidates for the club’s board ahead of the Milan-listed firm’s annual meeting on Friday.

Elkann signaled openness to collaboration, stating, “We are and have always been open to constructive ideas from all stakeholders who share our ambition and passion for the club.” Tether now ranks as Juventus’ second-largest shareholder, behind Exor, which holds approximately 65% of the club.

Juventus Struggles On and Off the Field

After winning nine consecutive Italian league titles through 2020, Juventus has not reclaimed the Serie A crown since. The club recently appointed former Italy national team manager Luciano Spalletti as coach after dismissing Igor Tudor due to poor results.

Elkann reaffirmed Exor’s support for the new leadership: “Our priority remains to combine strong sporting results with financial discipline.”

Over the past seven years, Exor and other investors have injected around €1 billion ($1.2 billion) into Juventus through multiple capital increases. Tether has nominated Francesco Garino and Zachary Lyons to the board to “strengthen Juventus’ governance and align the club more closely with both its supporters and modern management standards.”

Tether CEO Paolo Ardoino, an Italian national and Juventus supporter, previously said, “You can buy only what someone wants to sell,” when asked about his company’s long-term intentions for ownership.

Strong Ties Between Juventus and the Agnellis

Elkann’s remarks also reinforce the Agnelli family’s commitment to the club, which some fans feel has waned since Andrea Agnelli resigned as chairman in late 2022 amid accounting scandals.

“I understand there have been major legal issues to address, but my feeling is that since Andrea Agnelli left, the club has been sailing without a clear direction,” said Massimo Monaci, a longtime Juventus fan. “I find it hard to imagine Juve and the Agnellis parting ways, but perhaps the time could have come for a change of ownership, something unthinkable until a few years ago.”