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The battle for Juventus continues. After rejecting Exor's initial offer, cryptocurrency business Tether, led by CEO Paolo Ardoino, is planning to make another attempt. According to Italian sports newspaper Tuttosport, the objective is to propose a much bigger offer, realizing that the initial €1.1 billion check did not accurately reflect the club's true value. According to a market research published by Corriere dello Sport, another sports newspaper, Juventus' true worth exceeds €2 billion. Based on the latest financial statements' operating revenues of about €420 million and market multiples, the projected enterprise value is between €2.1 and €2.6 billion. After deducting around €280 million in financial debt, the share package's real value would range between €1.8 and €2.3 billion. This data may render Tether's initial offer insufficient. The challenge, Tuttosport wrote, will therefore be played out on the numbers. The actual test will be the financial strength of the new proposal, with the first indicator being the reaction of Juventus' stock price. However, the conclusion of the deal may already be determined. Exor’s intentions appear firm and non-negotiable, and even a billion-euro relaunch may not be enough to break through the wall of ownership.
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