The global sports card market, valued at nearly $ 50 billion, has become the scene of one of the sportier’s hardest corporate disputes.
On the one hand, Fanatics, a sportswear giant that has been betting on product licensing. On the other, Panini, a traditional Italian manufacturer that has dominated the sector for decades. The fight involves accusations of monopoly, theft of industrial secrets and exclusivity contracts that can reconfigure the entire industry.
The conflict exploded in 2022, when dozens of Panini employees migrated to Fanatics. Billionaire company Michael Rubin had already closed long -term contracts with NBA (American Basketball League), NFL (football), MLB (baseball) and players’ associations, leaving the rival without its main rights.
Panini accuses the competitor of anticompetitive practices and calls for billions in compensation. Fanatics, which denies irregularities, countered that it has only offered better and more profitable agreements to leagues.
The Italian Empire began from the 1970 World Cup albums and, since the 2000s, has expanded in the US. It even earned more than $ 1 billion in 2024 exclusively at NBA, NFL, UFC and WWE.
Premium products, such as the Flawless —10 cards packed with steel briefcases and sold for up to $ 5,000 ($ 27,000) – became status symbols between collectors around the world, especially in China and the Middle East.
During the pandemic, card collecting exploded in popularity, driven by live broadcasts in which influencers opened packages on Youtube and Twitch. The phenomenon attracted a new generation of fans and speculators, with cases of teenagers who have gained hundreds of thousands of dollars reselling rare letters.
But without notice, Panini lost its contracts with NBA and NFL, now controlled by Fanatics for up to 20 years. The American company also created the subsidiary Fanatics Collectibles, bought the historic Topps and ensured shareholding of the athlete’s own alloys and unions, consolidating unprecedented power in the sector.
The dispute also passed the field of failed negotiations. Fanatics even offered more than $ 2 billion to take over Panini contracts. The deal almost left, but wreck, and Rubin decided to set up his own operation, hiring thousands of employees and expanding the brand’s range.
Panini accuses his rival of reducing his access to printers and inputs, as well as attracting employees who took sensitive information. Fanatics denies.
Meanwhile, Rubin became a central figure in the collectible market, surrounded by athletes and executives that extol the “revolution” brought by Fanatics. Leagues like MLB claim that their royalties recipes have multiplied with new contracts.
The company also boosted card marketing by investing in “cards” broadcasts and launching special editions of players’ premiere.
Panini, however, insists that 10 and 20 years agreements suffocate competition and pose a risk to consumers and retailers. The company has already won preliminary stages in US Antitrust Court, forcing Fanatics to deliver confidential contracts. There are also collective actions of hobby stores that accuse their rival to raise prices and restrict sales.
Experts are at risk of unprecedented concentration. “The problem is not only Panini loses space, but the fact that Fanatics has closed exclusive contracts with leagues and unions, practically blocking any new competitor for a generation,” said Marc Edelman, a professor of sports law at Baruch College.
The judicial battle, which involves processes in Texas and federal courts, must drag itself. Panini bets on an agreement; Rubin, in turn, says he wants a final decision in court to “set an example.”
Meanwhile, prices continue to rise: a Panini newbie newbie Card Card has already exceeded $ 600,000, while a debut edition of the Fanatics of throwing Paul Skenes went over $ 1 million.
