Stablecoin issuer Tether is reportedly set to propose its own board candidates and "governance reform" suggestions to Juventus, in which it holds a 10.7% stake.
According to a Reuters report on Monday, Tether's recommendations for the football club's board will be presented ahead of the shareholders' meeting on November 7. The company will also contribute approximately $129 million as part of Juventus' capital increase. The stablecoin issuer initially invested in Juventus in February and increased its stake to over 10% in April, with CEO Paolo Ardoino describing the move as a reflection of "commitment to innovation and long-term collaboration."
The football club's board has faced controversy in recent years. In November 2022, all board members resigned amid financial fraud allegations involving player salaries. Former Juventus board chairman Andrea Agnelli and two other Juventus executives reached a plea agreement with Italian authorities in September, accepting a suspended sentence.
Reports indicate that Tether's proposal for board candidates coincides with the 11th anniversary of its stablecoin USDT. Tether remains the largest stablecoin by market capitalization, exceeding $177 billion, but the ruble-backed stablecoin A7A5 has recently become the largest non-USD pegged token, with a market cap of $500 million.
Cointelegraph has reached out to Tether for comment but has not received a response as of publication.
In addition to its investment in Juventus, Tether acquired a 30% stake in the Italian media company Be Water in May. Ardoino stated at the time that this move was part of recognizing "the importance of independent media in shaping an informed society."
The CEO appears to be developing a closer relationship with the White House under President Donald Trump, having participated in the signing ceremony of the GENIUS stablecoin bill in July and commenting on the legislation.
Tether also announced a $775 million investment in the video-sharing platform Rumble last December. In August, the two companies proposed a joint acquisition of all shares of Northern Data's AI and high-performance computing business, valued at over $1 billion.
Related: Before bankruptcy, FTX was managed by a new CEO, with Bankman-Fried admitting it was his biggest mistake.
Original: “Reuters: Tether plans to nominate board candidates for Juventus Football Club”
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