Panini America sues Fanatics, alleges monopoly
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Dan Hajducky, ESPN
Panini America, the company that currently has league and players union licenses to produce NBA and NFL trading cards, has filed an antitrust lawsuit against Fanatics, alleging it has “created an entirely new monopoly spanning multiple leagues and multiple players associations” in the industry.
Panini alleges that Fanatics engaged in “calculated, intentional, anticompetitive conduct” by securing long-term, exclusive licensing deals with leagues and players associations, according to the lawsuit. Panini also claims Fanatics signed rookie NFL and NBA players to exclusive deals, disseminated “false, derogatory statements” about Panini and poached its employees in an effort to create “insurmountable barriers to entry” in the trading card business.
“Panini’s lawsuit is a baseless last-gasp, flailing effort by a company that has lost touch with its consumers, is failing in the marketplace and has tried unsuccessfully for years to sell itself,” Fanatics said as part of a statement to ESPN. “Panini is trying to blame Fanatics for its own inability to keep pace with what players, fans, and even its own employees want.
Fanatics is preparing to countersue.
To make fully licensed trading cards — featuring the name, image and likenesses of players, as well as team and league logos — a manufacturer needs to procure licenses with both the players union and the league itself.
Panini America has been the exclusive licensee of the NBA since the 2009-10 season, and of the NFL since 2016. Panini’s union deals with the NBA and NFL expire in 2025 and ’26, respectively.
Fanatics has a 20-year deal in place with the NFL Players Association starting in 2026. That year, it also will become the exclusive licensee of NBA cards, via deals in place with its league and union. Fanatics also signed deals with MLB and its players association in August 2021 to become the exclusive licensee of its cards at the end of 2022, then acquired Topps in January of that year.
“Panini was not given an opportunity to bid or otherwise compete for the licenses Fanatics acquired,” the company said in the lawsuit. “Panini only learned about Fanatics’ exclusive agreements after they were consummated, through reading about them in the media.
“By combining long-term exclusive licenses for every major U.S. Professional Sports League and their respective player associations, Fanatics positioned itself to drive Panini and other potential competitors out of the market, and erected barriers to entry blocking their return.”
Panini also alleges that Fanatics CEO Michael Rubin — the former part-owner of the Philadelphia 76ers and New Jersey Devils — “approached Panini in May 2023 to threaten that Fanatics would no longer supply Panini with any jerseys for Panini to offer to consumers as elements of its trading cards” and “would not stop its pressure campaign against Panini and continue to sign exclusive deals with players.”
A Fanatics source disputed that characterization to ESPN, saying it’s been engaged in conversations with Panini over the last year to transfer the rights it had won earlier than the expiration of the NBA and NFL deals.
Also in the lawsuit, Panini alleged that Fanatics has been “raiding” its employees and “induced some employees to come to Fanatics by threatening them with not working in the industry ever again once Panini’s licenses expired unless those employees committed immediately to join Fanatics.” Panini also claimed Fanatics told players, agents, players associations and employees that Panini would be “incapable of performing for them, will be out of business soon and lacks the money to pay them.”
“Fanatics’ media releases try to ignore its industry-wide, decades-long exclusive dealing arrangements that lock-out competitors for a generation of collectors,” David Boies, lead counsel of Boies Schiller Flexner, the law firm representing Panini, said in a statement to ESPN. “It won’t be so easy for Fanatics to avoid the merits of the case against it before a judge and jury.”
A Fanatics source said the company believes it won its deals “fair and square, one at a time” while focusing with leagues and players associations on the need to evolve to a more direct-to-consumer model.
“Our perspective is all the claims are baseless; we do what’s in the best interest of the collector, the hobby, the industry long term,” the source said.
There has been no shortage of excitement already this NHL offseason. Following the Florida Panthers‘ second consecutive Stanley Cup championship — and seemingly never-ending celebration — the annual period of roster modification has begun.
The 2025 NHL draft included 224 prospects finding new homes, and the weekend included trades for Noah Dobson, Charlie Coyle and John Gibson. On Monday, a slew of re-signings, and the trade of Mitch Marner, took several big names off the free agent big board.
Below you will find our continuously updated free agency tracker for 2025, featuring a list of every player signed, including average annual value of the contract in most cases. Analysis of the biggest deals can be found here.
Note that the newest deals are on top, denoted by date.
Draft recap: All 224 picks
Grades for all 32 teams
Winners and losers
July 2
Salmon Arm, British Columbia, native Curtis Lazar is headed back to Western Canada, agreeing to terms on a one-year, $775,000 contract with the Oilers.
Veteran winger Anthony Mantha has made the rounds in recent seasons, and his next NHL home is in Pittsburgh, inking a one-year, $2.5 million pact.
July 1
After a brief stint for an American-based team, Andrew Mangiapane is back in Western Canada, inking a two-year, $3.6 million AAV deal with the Oilers.
Forward Justin Brazeau has chosen the Penguins as his next NHL destination, inking a two-year, $1.5 million AAV contract.
The Devils continued adding to their forward depth, adding veteran scoring winger Evgenii Dadonov via a one-year, $1 million deal.
The July 1 goalie rush continues. The Mammoth are the latest team to make an addition in the crease, inking Stanley Cup champion Vitek Vanecek via a one-year, $1.5 million deal.
Offensive defenseman John Klingberg is headed to San Jose, agreeing to terms on a one-year, $4 million pact with the Sharks.
One of the top remaining free agents available, veteran forward Mikael Granlund has landed with the Ducks on a three-year deal.
Veteran bottom-six forward Lars Eller has chosen the Senators as his next team, agreeing to terms on a one-year, $1.25 million deal.
The Penguins have extended their business relationships with Philip Tomasino (one year, $1.75 million) and Connor Dewar (one year, $1.1 million).
As part of the effort to retake the title of Florida’s best hockey team, the Lightning have inked Pontus Holmberg to a two-year, $1.55 million AAV contract.
The Wild have added Nico Sturm. The former Panther has signed a two-year, $2 million AAV contract.
The Sabres have entered the chat! The club’s first big deal of the day is inking goaltender Alex Lyon to a two-year, $1.5 million AAV contract.
The Kraken add to their goaltending depth, adding former Stanley Cup winner Matt Murray on a one-year, $1 million contract.
The Islanders had themselves a great draft weekend, and they continue the momentum in free agency, adding veteran forward Jonathan Drouin on a two-year, $4 million AAV deal.
The Stars are on the board. Hours after announcing the official hiring of Glen Gulutzan as the club’s new head coach, the Stars have brought back forward Radek Faksa on a two-year, $3 million AAV contract.
Earlier on Tuesday the Kings lost defenseman Vladislav Gavrikov to the Rangers. To help fill that blue-line gap, they signed Cody Ceci (four years, $4.5 million AAV) and Brian Dumoulin (three years, $4 million AAV). They also signed goaltender Anton Forsberg for two years, $2.25 million AAV.
Defenseman Nick Perbix has thus far only known NHL life as a member of the Lightning. He’ll head to Nashville next, agreeing to a two-year, $2.75 million AAV deal with the Predators.
The Panthers have gone to the veteran defenseman well again, signing Jeff Petry to a one-year, $775,000 contract.
Fresh off a Stanley Cup with the Panthers, defenseman Nate Schmidt is joining the Mammoth by way of a three-year, $3.5 million AAV contract.
The NHL career of James van Riemsdyk will continue, as he has agreed to terms with the Red Wings on a one-year, $1 million deal. Separately, the Wings added Jacob Bernard-Docker on a one-year, $875,000 contract.
The Bruins add to their depth, agreeing to terms with Sean Kuraly on a two-year, $1.85 million AAV pact.
Another key member of the Panthers’ championship roster is returning. Veteran forward Tomas Nosek has agreed to a one-year deal.
After completing the 2024-25 season with the Jets, veteran forward Brandon Tanev is sticking in the Central Division, but heading to Utah by way of a three-year, $2.5 million AAV deal.
Take another goalie’s name off the big board! Kaapo Kahkonen has agreed to terms with the Canadiens on a one-year deal worth $1.15 million. In a separate deal, the club also signed forward Sammy Blais.
The winner of the 2020 Hobey Baker Award as the top player in NCAA men’s hockey, defenseman Scott Perunovich has signed a one-year deal with the Mammoth.
In need of some backup goaltending depth, the Islanders agreed to terms with “Big Save” Dave Rittich on a one-year deal.
Diminutive, versatile forward Kailer Yamamoto is the latest player added by the Mammoth, by way of a one-year, $775,000 pact.
Veteran center Nick Bjugstad has made his decision: He’s joining the Blues by way of a two-year contract.
Veteran defenseman Ryan Lindgren finished the 2024-25 season with the Avalanche, and he’ll head northwest for his next NHL home, agreeing to terms on a four-year, $4.5 million AAV contract.
The Senators haven’t been able to lure any new free agents to the club yet, but their re-signing game remains strong. After re-upping with Claude Giroux, the Sens also continued their business relationship with Nick Cousins via a one-year, $825,000 pact.
Sure to be a fan favorite in Beantown, veteran forward Tanner Jeannot has agreed to terms on a five-year contract with the Bruins, with a $3.4 million AAV.
A sixth-round pick in the 2016 draft, winger Michael Pezzetta is going from Montreal to Toronto via a two-year, $787,500 AAV contract.
Connor Brown impressed a lot of viewers with inspired play during the Oilers’ run to the Stanley Cup Final. Now, he’ll bring that energy to the Devils, who have signed him to a four-year, $3 million AAV contract.
The defenseman market is one key player smaller, as the Rangers have agreed to terms with Vladislav Gavrikov on a seven-year, $7 million AAV contract.
One of the top goaltending options available is off the board, with Dan Vladar joining the Flyers via a two-year, $3.35 million AAV contract.
Veteran feisty forward Corey Perry is switching sides in the Oilers-Kings rivalry, agreeing to terms on a one-year deal with salary and bonuses worth $3.5 million. Separately, the Kings also signed veteran forward Joel Armia to a two-year deal with a $2.5 million AAV.
One of the top available free agents has made a decision … and he’ll be re-signing. Brock Boeser is back with the Canucks by way of a seven-year, $7.3 million AAV contract.
Parker Kelly will continue his career with the Avalanche, agreeing to terms on a four-year contract with a $1.7 million AAV.
Veteran forward Colin Blackwell will be returning to the Stars, agreeing to terms on a two-year deal with a $775,000 AAV.
Christian Dvorak has moved on from the Canadiens, agreeing to a one-year, $5.4 million contract with the Flyers.
Noah Juulsen, welcome to Philly! The Flyers have inked the 28-year-old defenseman to a one-year, $900,000 deal.
Defenseman Ryan Johnson is sticking with the Sabres, agreeing to terms on a three-year deal with a $775,000 AAV.
The top-rated goaltender slated to hit free agency this offseason will not make it to market; Jake Allen is back with the Devils via a five-year contract with a $1.8 million AAV.
Veteran offensive defenseman Tony DeAngelo will be back with the Islanders for 2025-26, agreeing to terms on a one-year, $1.75 million contract.
June 30
The Red Wings will be continuing their relationship with veteran forward Patrick Kane, inking a one-year, $3 million extension.
The band is getting back together. After re-upping with Sam Bennett last week, the Panthers re-signed both Aaron Ekblad and Brad Marchand on Monday.
Rumors of a Mitch Marner trade popped up during draft weekend, and they came to fruition Monday, as the Maple Leafs inked Marner to an eight-year, $12 million average annual value extension, then traded him to the Golden Knights for Nicolas Roy.
The Oilers will not be allowing one of their promising young players to leave via offer sheet, as they signed restricted free agent defenseman Evan Bouchard to a four-year, $10.5 million AAV contract.
Veteran defenseman Ivan Provorov would have been one of the most sought-after blueliners on the free agent market. Instead, he’ll be back with the Blue Jackets for the foreseeable future, agreeing to a seven-year, $8.5 million AAV deal.
George Springer had a career-high seven RBIs, including his ninth grand slam, and the Toronto Blue Jays celebrated Canada Day by beating the Yankees 12-5 on Tuesday and closing within one game of American League East-leading New York.
The seven RBIs are tied for the second most by any Blue Jays player in a home game, behind Edwin Encarnación (nine RBIs in 2015), according to ESPN Research.
Andrés Giménez had a go-ahead, three-run homer for the Blue Jays, who overcame a 2-0 deficit against Max Fried. After the Yankees tied the score 4-4 in the seventh, Toronto broke open the game in the bottom half against a reeling Yankees bullpen.
Springer went 3-for-4, starting the comeback with a solo homer in the fourth against Fried and boosting the lead to 9-5 with the slam off Luke Weaver after Ernie Clement‘s go-ahead single off shortstop Anthony Volpe‘s glove. Springer has 13 homers this season.
Toronto won the first two games of the four-game series and closed within one game of the Yankees for the first time since before play on April 20.
New York went 2-for-17 with runners in scoring position, dropping to 3-for-24 in the series, while the Blue Jays were 5-for-7. After going 13-14 in June, the Yankees fell to 10-14 against AL East rivals.
The Associate Press contributed to this report.
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