Collector Club
Panini’s iconic FIFA World Cup sticker albums, exemplified by its collectible cards featuring global football stars and pop-culture icons have cemented the company’s worldwide reputation among collectors.
Now the Italian publisher, known for its stickers and trading cards, is exploring strategic options for the company, including a potential sale, according to reports, including Reuters who initially broke the news.
Sources say the company has Citi as a financial adviser for this process, and potential buyers are said to include rival Topps (owned by Fanatics) and a number of private equity firms.
Panini could sell for 4 billion in rumoured sale
This strategic review comes on the heels of a major leadership change. Panini’s long-time CEO Aldo Hugo Sallustro, who led the company for over 30 years and oversaw its expansion into the United States sadly passed away in April 2025.
In the wake of Sallustro’s death, Panini appointed a new CEO and began considering its future direction. The company has grown dramatically in recent years; it reportedly generated around $1.9 billion in revenue in 2024 and could be valued at €3-4 billion in a sale.
Panini became a giant of the collectibles industry by securing coveted licenses and producing popular products. In 2009, it altered the trading card market by obtaining the exclusive NBA card license, later adding the NFL through its acquisition of Donruss/Playoff.
The company also produces the world-famous FIFA World Cup sticker albums, a cultural phenomenon for football fans, and until recently held licenses for top leagues like the English Premier League.
Fanatics rivalry has reshaped the trading card market
In recent years, however, the landscape has shifted under Panini’s feet. Retail powerhouse Fanatics has aggressively expanded into sports collectibles and begun to squeeze out competitors.
Fanatics acquired Topps in 2022 and struck exclusive licensing deals with major sports leagues that directly impacted Panini’s business. Notably, Panini’s decade-long run as the exclusive maker of NBA and NFL cards came to an end after Fanatics secured those leagues’ trading card rights in 2021.
As a result, the NBA license officially transitioned from Panini to Fanatics’ Topps on 1 October 2025, and the NFL license is set to follow by early 2026.
Panini’s biggest loss on this side of the pond came when the Premier League announced that Fanatics would become its exclusive trading card and sticker licensee from the 2025–26 season, ending Panini’s tenure producing official Premier League cards and stickers (Panini had won that license from Topps in 2019 and renewed it in 2021).
To add insult to injury Fanatics, through Topps, also replaced Panini as the producer of UEFA European Championship (Euro) stickers for the 2024 and 2028 tournaments.
Panini and Fanatics dispute finds its way into US courts
The rivalry between Panini and Fanatics has escalated into the courts as well. Panini sued Fanatics in 2023, accusing it of anti-competitive practices and monopolizing the trading card industry.
Fanatics countersued, alleging Panini improperly interfered with contracts when Fanatics hired away several Panini employees. The legal battle remains ongoing and is expected to drag on for years.
Industry observers have noted an ironic twist: if Panini touts a multi-billion euro valuation to potential buyers, it could undermine its argument in court that Fanatics’ dominance has crippled its business. In other words, claiming a strong future to justify a high sale price may clash with its claims of being squeezed out of the market.
New partnerships formed amid license losses
Despite these challenges, Panini continues to find opportunities, especially in the UK. The company recently secured a partnership with the English Football League to produce official stickers and trading cards for all 72 football clubs across the Championship, League One and League Two.
This partnership is yielding the first-ever Panini EFL sticker album, with a debut edition slated to launch on 20th November 2025 and featuring every EFL club. The EFL deal ensures Panini will maintain a strong foothold in UK football collectibles even as Premier League rights shift to a new owner.
Panini’s UK presence has been significant; British collectors have long enjoyed its products from Premier League sticker collections to World Cup albums. The company’s continued work with the EFL, along with other international events like the FIFA World Cup, showcases that Panini is not exiting the stage quietly. Even amid speculation of a sale, Panini is pressing ahead with new releases and leveraging its beloved brand in markets where it remains competitive.
Collectors and industry experts will be watching closely to see if Panini finds a buyer and how that might reshape the hobby. If a sale does occur, it would mark a historic turning point for the Modena-based firm that has been synonymous with sports collectibles for decades.
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