The Short Answer
- Panini held NBA and NFL licenses before Fanatics took them.
- Panini filed its own antitrust lawsuit against Fanatics and leagues.
- The NFLPA lost a $7 million arbitration ruling to Panini for breaching its agreement.
- Panini now produces unlicensed NFL cards while Fanatics controls the licensed market.
The Timeline: How Fanatics Took Panini's Licenses
In August 2021, Fanatics announced it had obtained long-term exclusive licenses from the NBA, NBPA, MLB, MLBPA, NFL, and NFLPA — licenses then held by Panini and Topps. The deals would take effect as existing agreements expired:
- 2022: Fanatics acquires Topps, gaining MLB licenses.
- October 2025: Fanatics begins producing NBA-licensed cards.
- April 2026: Fanatics takes over the NFL license.
Panini, which had built its U.S. business on NBA and NFL cards, was being systematically locked out of its core market.
Panini Fights Back: Its Own Antitrust Lawsuit
Panini did not sit idle. It filed its own antitrust lawsuit against Fanatics and the leagues, alleging that the license transfers were part of an anticompetitive scheme. The plaintiffs in the consumer class action later cited portions of Panini's suit as evidence supporting their claims. While the consumer case was dismissed in March 2026, Panini's separate claims have continued in other proceedings.
The NFLPA Loses a $7 Million Arbitration
A key subplot: the NFLPA lost a $7 million arbitration ruling to Panini when an arbitration panel found the union breached its duty to the card maker by trying to exit its agreement early to join Topps (and by extension, Fanatics). The NFLPA holds equity in Fanatics, as do several other major unions, creating a complex web of financial interests in the license transfers.
Where Things Stand in 2026
After April 2026, the landscape is clear: Fanatics controls licensed NBA, NFL, and MLB cards. Panini has pivoted to unlicensed NFL products and continues fighting in court. The consumer class action was dismissed, but Panini's own claims — and the broader question of whether exclusive sports licensing violates antitrust law — remain unresolved.
Frequently Asked Questions
Why did Panini sue Fanatics?
Did Panini lose its NFL license to Fanatics?
What was the NFLPA arbitration ruling?
Is Panini still in business in 2026?
Sources & Further Reading
- Sportico — Judge Denies Attempts by Fanatics and Panini to Score Early Legal Win
- Sportico — Fanatics Armed With Defenses to Repel Antitrust Suit
- The Athletic — Lawsuit alleging Fanatics, leagues monopolizing sports card industry dismissed
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