How Fanatics cornered the sports collectibles market

Fanatics will displace Panini as the exclusive licensee of FIFA collectibles in 2031. agreement We reached an agreement with FIFA regarding the licensing rights for World Cup football collections.

Agreement will be seen Fanatics are expanding Its existing licensing portfolio, which includes major sports franchises such as the NFL, NBA and MLB, will give the company a larger foothold in the multibillion-dollar sports collectibles market.

But as Fanatics consolidates its dominance in the global sports collectible market, part of a growing industry estimated at $100 billion, Morgan Stanley — Its aggressive expansion has led to legal challenges and accusations of monopolistic behavior.

APPLICATION to start During the 2023 Major League Baseball season, after Fanatics obtained exclusive licenses to produce baseball cards for the league in 2021. While Fanatics’ MLB deal was originally scheduled to go into effect in 2025, it took over the league’s licenses in 2022 after purchasing the previous licensee, Topps.

The scarcity of such exact first cards was seen in fragments retail sales to thousands of people on online sales platforms such as eBay.

The practice of issuing early cards in trading card packs has since been replicated in franchises such as: Formula 1 And NBA – other sports leagues for which Topps, now owned by Fanatics, previously held licenses.

“We see Fanatics pioneering major innovations in sports collectibles that provide fans with a new and meaningful way to engage with their favorite teams and favorite players,” FIFA President Gianni Infantino said in a May 7 statement. he said.

Fanatics’ other forays into the sports collectibles scene are underpinned by a similar spirit of innovation.

The company’s collection department opened in 2025 first physical store on London’s Regent Street – a different sales approach as rivals such as Panini and pre-takeover Topps sold products through distributors or online stores.

Fanatics also attracted famous figures such as Formula 1 driver Lewis Hamilton and social media influencer, who attended the opening of the Regent Street store. Logan Paul to increase engagement.

Fanatics is preparing to acquire the special collection licensing rights of the world’s most important event with the FIFA agreement. most popular sport.

64 matches of the 2022 World Cup Engaged with 5 billion fans According to FIFA’s official figures, the final between France and Argentina reached 1.42 billion viewers across all media channels. By comparison, Super Bowl LIX in 2025 – Most watched sporting event in the USA — attracted approximately 127 million viewersNielsen predicted.

In an interview with CNBC on May 7, Fanatics CEO Michael Rubin said that the company’s collectibles division alone is expected to generate $5 billion in revenue. company The company, which includes merchandising, sports betting, the prediction market, as well as the events and entertainment division, was expected to generate $14 billion in revenue.

However, Fanatics’ aggressive actions in the collection field have also been subject to scrutiny.

before that Fanatics, which purchased Topps for $500 million in 2022, acquired the MLB, NBA and NFL licenses; these were all originally planned to begin after Topps licenses expire in 2023, 2025 and 2026, respectively.

Many of the sports franchises licensed to Fanatics also own shares in the company. In 2022, the NFL followed the players’ association into providing the company with $1.5 billion in financing, with $320 million in equity. License terms agreed upon We were with the Fanatics a year ago.

But no such parity clause was agreed upon as part of the FIFA-Fanatics agreement, a source familiar with the matter told CNBC, declining to be named discussing sensitive issues.

In the March report, American Economic Freedoms Project “Fanatics’ market consolidation has fundamentally changed the merchandise and trading card market for collectors and fans,” (AELP) wrote.

“Prior to the Fanatics acquisition, competition between Topps and Italian brand Panini spurred innovation in card design, quality and pricing. Now that Panini’s exclusive licenses have expired and Topps is under Fanatics control, Upper Deck remains the sole competitor, and only in hockey,” AELP said. he added.

In 2023, Panini America filed an ongoing lawsuit antitrust case against Fanatics for what it claims is an attempt to “monopolize markets for trading cards of the Major Professional Sports Leagues of the United States.”

“Without correction, consumers will suffer, prices will rise, quality will decline and innovation will be stifled,” Panini said in the court filing.

The AELP report similarly found that collectors reported “significant price increases.” [trading card] “The cost of some products doubled within a year of Fanatics taking over production.”

With the release of rarer items such as one-of-a-kind cards, the price of collectibles naturally increases, especially for highly coveted players.

“Historically, children and families were the primary buyers,” Ricardo Fort, founder of Fort Consulting, told CNBC in an email. “Today, this remains true for mass-market products, but adult collectors have become an important segment due to nostalgia, scarcity and investment potential.”

But he added that while reduced competition could lead to higher prices and fewer options, a company with broad rights could also invest more in innovation, technology, authentication and global distribution.

In a recent statement to CNBC, Fanatics called Panini’s 2023 claims “unfounded” and added that the company is “committed to creating the best possible collector experience around the world.” But the company declined to comment on broader monopoly allegations.

While the NHL has signed a 10-year agreement with Fanatics to produce NHL team jerseys in 2023, the league has also signed an agreement. “long term” extension Upper Deck’s trading card licenses began in 1990.

In January, Upper Deck also introduced one-of-one trading cards featuring autographed swatches of game-worn jerseys by league debutants, a similar initiative to Fanatics’ first patch cards.

In addition to FIFA, Panini also holds collectible licenses for franchises such as the Women’s National Basketball League, NASCAR and LIV Golf.

But questions remain about Panini’s future.

Panini America in 2019 lawsuit filed Because they couldn’t accommodate requests for “cashback cards,” which are cards that consumers can exchange for certain signed copies.

However, Larry Centola, an attorney at Martzell, Bickford & Centola, one of the plaintiffs in the case, told CNBC that these cards could not be used because Panini did not obtain signatures from the athletes involved during the sale.

In an interview with CNBC, Centola said the firm claims more than 10,000 collectors were affected by Panini’s failure to honor these payment cards.

Although the case was dismissed after the firm was denied class-action certification it sought — a decision it chose not to appeal — Centola said he still receives emails from customers with similar experiences seven years after the lawsuit was first filed.

In October 2025, Reuters, quoting familiar sources, said: reported Panini’s pick Citi As financial advisor for a possible sale of the company. Citi declined to comment to CNBC on the matter.

“Panini’s lawsuit is nothing more than a last-ditch effort by a company that has lost touch with its consumers and has been unsuccessfully trying to sell itself for years,” Fanatics said in a statement to CNBC. he wrote.

Fanatics after Panini files antitrust lawsuit in 2023 A countersuit was filed “Panini has become complacent, failing to invest in marketing or innovation because it has been openly trying to sell its business for almost a decade while funneling profits back to its owners in Italy,” Panini said. The case continues.

Panini did not respond to CNBC’s requests for comment.