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Crypto stablecoin issuer Tether says it has launched a bid to completely purchase the Italian skilled soccer membership, Juventus Soccer Membership, which has reportedly already been shot down.

Tether stated on Friday that it submitted a binding all-cash proposal to Exor, the holding firm of the Agnelli household, for its 65.4% controlling stake in Juventus that it has held for over 100 years.

If Exor agrees, then Tether will make a “public provide for the remaining shares on the similar worth.” Juventus is a public firm with a market capitalization of 944.49 million euros ($1.1 billion), having closed buying and selling on Friday up 2.3% to 2.23 euros ($2.62).

Nonetheless, AFP reported that Tether’s bid has already been rebuffed, with a supply near Exor saying that “Juventus shouldn’t be on the market.” Exor and Tether didn’t instantly reply to Cointelegraph’s request for remark.

Tether guarantees $1.1 billion funding

Tether stated it’s ready to speculate 1 billion euros ($1.1 billion) within the help and improvement of Juventus if the transaction completes.

“Tether is able of sturdy monetary well being and intends to help Juventus with steady capital and a protracted horizon,” stated Tether CEO Paolo Ardoino.

“For me, Juventus has all the time been a part of my life,” Ardoino added. “I grew up with this workforce. As a boy, I realized what dedication, resilience, and accountability meant by watching Juventus face success and adversity with dignity.”

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Tether, which points the self-named stablecoin Tether (USDT), has regarded to develop its enterprise past the token and has taken up investing in synthetic intelligence, robotics and a well being platform. 

The corporate first purchased a stake in Juventus in February and boosted its stake to over 10% in April.