Fanatics vs Panini Antitrust: What It Means for Collectors

Fanatics vs Panini antitrust is heating up. Fanatics locked up a raft of long exclusive trading card licenses with major U.S. leagues and players unions, then bought Topps. Panini sued for antitrust. A federal judge let the core claims move forward. Moreover, discovery is now spicy, with Fanatics ordered to hand over unredacted licensing deals to Panini’s lawyers. If you care about what logos show up on the box you rip and how much you pay, this fight matters.

Fanatics vs Panini antitrust: How we got here

• The license grab. Fanatics struck exclusive card deals that, by 2025 to 2026, put most major U.S. league and union rights under its roof for a decade or more. Panini called foul and sued in 2023.
• What the court said. In March 2025, the judge dismissed some counts but kept the core antitrust claims alive. Translation: the heart of the case will be litigated, not tossed.
• Discovery fireworks. In July 2025, a magistrate judge ordered Fanatics to produce unredacted licensing agreements to Panini’s outside counsel under a protective order. Fanatics objected. However, the court affirmed the order. That is a big deal for what comes next.

Why this matters to collectors

Licenses decide everything. Licenses dictate logos, uniforms, checklists, and which brand names can exist. If one company holds almost all the keys, product calendars get centralized. That can mean simpler coordination and cross brand storytelling. It can also mean fewer competing choices on the same sport.

Products you will actually rip. If Fanatics’ position stands, expect tighter ecosystem planning across Topps branded lines, more integrated chase structures, and DTC drops. If Panini claws back rights or wins relief, you could see split or concurrent licenses again, with dueling flagships and overlapping releases. Fun for variety. Chaos for wallets.

What happens to prices. Some lawsuits and complaints argue that consolidation has nudged prices higher for consumers. Those are allegations, not judicial findings. Nevertheless, legal pressure could push toward transparency on supply, guaranteed hits, and SRPs or toward remedies that re introduce head to head competition on similar SKUs.

Fanatics vs Panini antitrust: Possible outcomes

• Status quo with guardrails: Courts allow most deals to stand but impose conduct limits. Think stronger protective orders, disclosures, or restrictions on bundling certain rights.
• Partial unwind or carve outs: Some rights shift or are shared, leading to parallel product lines. Variety goes up. Coordinated storytelling goes down. Secondary market dynamics get interesting.
• Settlement: Many antitrust brawls end with a deal. It could include access terms, distribution commitments, or caps around exclusive windows.

Collector playbook while the lawyers argue

• Do not over preorder blind. Favor releases with clear checklists, stated print formats, and early box odds. Legal clouds can delay calendars.
• Diversify the PC. Balance modern sealed with singles you actually want, plus vintage and non sport that are less exposed to licensing shifts.
• Track grading and resale data. If supply or formats change, gem rates and pop reports often move before prices do.
• Read the fine print. Redemptions, replacement policies, and allocation rules matter more when ecosystems consolidate.

What to watch next

• Discovery rulings. If Panini’s counsel sees how these contracts are structured, expect sharper claims or settlement leverage.
• Any DOJ or legislative interest. Lawmakers have already taken an interest in Fanatics’ adjacent partnerships in other verticals. More eyes on the company tends to spill over.
• Class action traction. Consumer suits alleging higher prices could influence narratives, even if they move slowly.

Bottom line. This is not just corporate drama. It is a fork in the road for how many brands make your favorite sport, how creative sets can be, and whether price pressure eases or tightens. Keep your checklists handy and your expectations flexible.

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Sources and Further Reading

• Sports Business Journal: Judge orders Fanatics to turn over licensing contracts in Panini case (July 9, 2025). Link
• Front Office Sports: Judge rules against Fanatics on unredacted licenses; core antitrust claims proceed. Link
• Law360: Fanatics told to give Panini licensing docs in antitrust case; court affirms production. Link
• Justia (SDNY Docket 1:23-cv-9714): Orders and filings on unredacted agreements and discovery. Link
• Sports Collectors Daily: Judge rules that dueling lawsuits between Panini and Fanatics should proceed (Mar 10, 2025). Link
• DiCello Levitt: Class action alleging trading card monopoly and higher prices (Jul 15, 2025). Link
• Senate letter urging DOJ scrutiny of Fanatics’ broader partnerships (Apr 2025). Link