Sports, crypto billionaires, industrial dynasties, special voting rights and Italian politics: Tether’s bid for Juventus football club stamps every number on the dysfunctional M&A bingo card, argues the Financial Times. . Tether, the biggest issuer of stable coins, has offered to buy the 36-time Italian champions for €1.1bn in cash. It already has an 11.5 per cent stake but picking up the rest requires it to win over the Agnelli family, known for its role in founding carmaker Fiat. The Agnellis have controlled Juventus for more than 100 years. Exor, their holding company, insists the team is not for sale. There are good reasons for family scion John Elkann, who runs Exor, to turn down Tether’s current offer. His company is already under fire from politicians for trying to sell its famous local newspapers; selling another national champion to an 11-year-old crypto company based in El Salvador could bring further political risks. More importantly, the bid is simply too low. Juv...