Trading card and sticker manufacturer Panini is exploring strategic options for the company, including a possible sale, according to reports by Reuters and Italian newspaper Il Sole 24.
Panini Group is best known internationally for producing soccer stickers, particularly the FIFA World Cup stickers albums, as well as licensed trading cards for the NFL, NBA and WNBA through its Panini America division.
According to Reuters and Il Sole 24, Citi has been selected as Panini Group’s financial advisor during the process. Il Sole 24 reported Thursday the Topps Company as well as private equity firms could be those interested in acquiring Panini’s business.
Panini Group’s strategic exploration closely follows the death of CEO Aldo Hugo Sallustro in April. Sallustro had led Panini for more than 30 years while overseeing the company’s expansion into the United States.
Panini altered the trading card market in 2009 when it secured exclusive rights to make licensed products for the NBA. The company later acquired the Donruss/Playoff brand, which came with rights to make NFL trading cards.
After more than a decade as the exclusive maker of licensed NBA and NFL trading cards, Panini suffered a blow when retailer Fanatics acquired exclusive rights to the leagues in 2021. Fanatics later acquired Topps’ trading card business in 2022 to produce cards for those licenses.
The rights to make licensed NBA trading cards transitioned from Panini to Topps on Oct. 1, and the NFL license is expected to transition in a similar fashion in early 2026.
The two companies are currently locked in a legal battle over rights to the leagues and their respective players associations. Panini America sued Fanatics in 2023 for antitrust violations, alleging the company has created a monopoly in the industry.
Fanatics later countersued Panini, alleging Panini tortiously interfered with employment agreements when a number of key employees accepted new jobs with Fanatics.
Those suits have been consolidated before the same judge in the southern district of New York. Those lawsuits are currently in discovery and are expected to last into 2027 if not 2028.
According to Reuters, Italian newspaper Corriere della Sera reported Panini’s revenue totaled $1.9 billion in 2024 and estimates the company could be worth between €3 billion and €4 billion.
If Panini and Citi claim to prospective owners the company is worth more than its revenue, it could prove to be problematic in Panini's lawsuit that claims Fanatics' practices have made it hard to do business. Valuing the company at any multiple of revenue suggests there would be future business for an acquirer.
Ben Burrows is a reporter and editor for cllct, the premier company for collectible culture. He was previously the Collectibles Editor at Sports Illustrated. You can follow him on X and Instagram @benmburrows.