TLDR
- Tether nominates deputy CIO and orthodontist to Juventus board with November 7 vote ahead.
- Stablecoin issuer holds 10.7% stake in Juventus after February and April investments.
- Former Juventus board resigned in 2022 amid financial fraud allegations over salaries.
- Tether CEO Ardoino calls to Make Juventus Great Again referencing Trump campaign slogan.
Stablecoin issuer Tether has announced two board nominees for Italian football club Juventus. The company revealed its selections in a Thursday notice approximately two weeks after reports emerged about potential candidates. Tether nominated Zachary Lyons, its deputy chief investment officer, for a board position.
The second nominee is Francesco Garino, an orthodontist who describes himself as a lifelong Juventus supporter. The stablecoin company currently holds a 10.7% stake in the football club. Tether acquired this position through investments made in February and April.
Corporate Governance Changes Drive Nomination Strategy
Tether’s announcement emphasized its engagement with the club’s global fanbase. The company stated it received suggestions and feedback from Italian and international supporters. Furthermore, Tether plans to propose changes to the club’s bylaws at upcoming shareholder meetings.
These modifications aim to implement corporate governance standards and minority representation. The company seeks to enhance oversight and accountability within the organization. Notably, shareholders will vote on these board nominations at a scheduled meeting on November 7.
CEO References Trump Campaign Slogan
Tether CEO Paolo Ardoino reinforced his vision for the football club following the nominations. He repeated his call to “Make Juventus Great Again” on social media. The phrase directly references US President Donald Trump’s campaign slogan from previous elections.
Meanwhile, Ardoino attended the White House in July for an official ceremony. He participated in the GENIUS stablecoin bill signing event during that visit.
Board Controversy Preceded Tether Investment
The current board situation stems from significant organizational turmoil within Juventus. All board members resigned in November 2022 amid serious allegations. Italian authorities investigated claims of financial fraud involving players’ salaries.
However, the legal proceedings concluded recently with several resolutions. Former board Chair Andrea Agnelli accepted a plea deal with Italian authorities in September. Two other Juventus executives also agreed to similar arrangements. The three individuals received suspended sentences as part of their plea agreements.
Stablecoin Company Expands Investment Portfolio
Tether’s business interests extend beyond football club ownership. The company invested $775 million in video-sharing platform Rumble earlier this year. Additionally, Tether and Rumble jointly proposed acquiring artificial intelligence infrastructure company Northern Data.
The two companies offered to purchase all shares in August. The proposed acquisition values Northern Data at $1.17 billion.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
