Italy’s Agnelli family has no plans to sell Juventus, the CEO of their holding company Exor confirmed on Saturday, rejecting a surprise all-cash offer from crypto firm Tether for Italy’s most successful football club.

“Juventus, our history and our values are not for sale,” Exor CEO John Elkann said in a rare video posted on the club’s website, wearing a Juventus hoodie.

Tether, based in El Salvador and led by Italian Paolo Ardoino—a Juventus supporter—had submitted a proposal on Friday to buy Exor’s entire stake in the club. The company also indicated it would launch a public tender offer for the remaining shares at the same price, and pledged to invest €1 billion to support Juventus if the deal proceeded.

According to a source familiar with the matter, Tether offered €2.66 per share, valuing the club at just over €1 billion, a 21% premium over Juventus’ closing share price of €2.19. Exor, listed in Amsterdam, said its board unanimously rejected the offer, reaffirming that it has “no intention of selling any of its shares in Juventus to a third party.”

Juventus has not posted a net annual profit in nearly a decade, and its shares are down 27% so far this year. Tether, the issuer of the US dollar–backed stablecoin USDT, has already acquired more than 10% of Juventus this year, making it the club’s second-largest shareholder.

By acquiring a European football club, Tether could boost its credibility on the continent while raising its global profile, despite facing increasing EU regulatory scrutiny. The firm’s proposed purchase targets Exor’s 65.4% stake in Juventus, though the price was not officially disclosed.

Exor, the largest shareholder in Stellantis and controlling owner of Ferrari, has been streamlining its Italian portfolio. This year it sold truck maker Iveco to Tata Motors and is negotiating the sale of Greek media group Antenna, including newspapers and radio stations. A sale of Juventus would have marked the clearest sign of the family’s gradual disengagement from Italy.

The Agnelli family’s connection with Juventus dates back to 1923, when Edoardo Agnelli became chair. Elkann reiterated in November that the family had no intention of selling. Over the past seven years, investors led by Exor have injected around €1 billion into the club.

Juventus, Italy’s most decorated team with 36 league titles, has struggled since completing its ninth consecutive Serie A triumph in 2020. The club currently sits seventh in the league.

Once home to stars including Michel Platini, Roberto Baggio, Alessandro Del Piero, and Cristiano Ronaldo, Juventus has been central to the Agnelli family’s influence in Italy. The club has survived match-fixing and financial scandals, most recently a false accounting case in 2023 that led to a 10-point Serie A deduction.

Juventus also played a major role in the failed attempt to launch the breakaway European Super League in 2021, challenging UEFA’s authority. Like other Serie A clubs, Juventus faces financial challenges in competing with Premier League and European powerhouses such as Real Madrid, Barcelona, and Paris Saint-Germain.

Tether’s USDT stablecoin, pegged to the US dollar, dominates more than half the stablecoin market. As of Friday, it had a market capitalization of around $186 billion, backed by US Treasuries and cash. Tether ranks among the 20 largest holders of US government debt.