As Panini's antitrust lawsuit against Fanatics awaits a court date in the Southern District of New York, likely in the distant future, the legal battle between the two card companies continues to play out behind the scenes.
The Athletic published a story Tuesday detailing a Panini sales pitch that boasted of the company’s potential as a future acquisition target, even though Panini sued Fanatics in 2023 for owning an alleged monopoly on the category.
With Fanatics holding long-term deals with Major League Baseball and the NBA and poised to take over the NFL license in early 2026, Panini is arguing those agreements have forced the company to the verge of going out of business.
Cllct has learned Fanatics requested any future sales prospectus and/or recent valuation of Panini’s business be made available in discovery.
Panini answered to the court, in documents filed Sept. 30, that it should not have to produce such documents because it has nothing to do with its case against Fanatics, calling the request “overly broad” and “unduly burdensome.”
Following The Athletic’s report on Panini's bullish sales pitch, it would be more difficult to make the argument the documents are irrelevant if the company is selling itself as a profitable entity without the licenses.
The key question is whether the sales book will be admitted as part of evidence in the case.
In the 90-page document, per the Athletic's report, Panini reportedly writes the company is “capable of consistently developing appealing collections regardless of available and agreed-upon licenses.”
The company also maintains that, in some cases, Panini’s unofficial collections have done better than licensed ones. That directly contradicts Panini’s lawsuit, which suggests Fanatics' acquisition of licenses makes it impossible for Panini to remain viable.
In October, Reuters and Italian newspaper Il Sole 24 reported the Panini Group was exploring strategic options, including a possible sale.
Sources told cllct Fanatics has no interest in buying Panini.
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Darren Rovell is the founder of cllct and one of the country's leading reporters on the collectibles market. He previously worked for ESPN, CNBC and The Action Network.