Crypto stablecoin issuer Tether says it has launched a bid to fully acquire the Italian professional soccer club, Juventus Football Club, which has reportedly already been shot down.

Tether said on Friday that it submitted a binding all-cash proposal to Exor, the holding company of the Agnelli family, 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 offer for the remaining shares at the same price.” Juventus is a public company with a market capitalization of 944.49 million euros ($1.1 billion), having closed trading on Friday up 2.3% to 2.23 euros ($2.62).

However, AFP reported that Tether’s bid has already been rebuffed, with a source close to Exor saying that “Juventus is not for sale.” Exor and Tether did not immediately respond to Cointelegraph’s request for comment.

Tether promises $1.1 billion investment

Tether said it’s prepared to invest 1 billion euros ($1.1 billion) in the support and development of Juventus if the transaction completes.

“Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon,” said Tether CEO Paolo Ardoino.

“For me, Juventus has always been part of my life,” Ardoino added. “I grew up with this team. As a boy, I learned what commitment, resilience, and responsibility meant by watching Juventus face success and adversity with dignity.”

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Tether, which issues the self-named stablecoin Tether (USDT), has looked to expand its business beyond the token and has taken up investing in artificial intelligence, robotics and a health platform. 

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