Panini Shareholders Expected to Decide on Sale by Year-End at Five Billion Euro Valuation

Shareholders in Panini Group, the Modena, Italy-based trading card and sticker company, are expected to decide by the end of 2026 on an external investment that could include a full or partial sale of the business, according to an April 2 report from Reuters.

Approximately two dozen potential buyers have expressed interest in the family-owned company, Reuters reported, citing sources familiar with the process.

Panini is targeting a valuation of approximately 5 billion euros, or $5.8 billion, two financial sources told Reuters. The figure reflects the uncertainty created by Panini’s ongoing antitrust lawsuit against Fanatics in U.S. federal court, the same sources said.

The company retained Citigroup as financial adviser in 2025 to explore strategic options, including a full or partial sale, an external investment or a stock market listing.

Private equity firms Advent, Charterhouse and CVC have been identified as potential bidders in industry reports. Unnamed groups from the entertainment and toy sectors have also been cited.

Fanatics is not among the parties pursuing a deal. Fanatics chief executive Michael Rubin told The Athletic in December that he had no interest in acquiring Panini, and Reuters’ sources ruled out the company as a suitor.

Panini lost its exclusive NFL and NFLPA trading card license to Fanatics-owned Topps on April 1, 2026, ending more than a decade as the league’s sole licensee. The company’s NBA rights transitioned to Fanatics in October 2025.

Panini’s antitrust suit, filed in August 2023, alleges Fanatics engaged in anticompetitive conduct to secure exclusive long-term licensing agreements with the NFL, NBA, MLB and their respective players’ associations. Discovery in the case is ongoing, with no trial date set.

Panini retains its FIFA World Cup sticker rights and exclusive deals with major international soccer leagues and federations, which remain the company’s largest product category by volume.

A transaction completed in 2026 would benefit from the revenue bump Panini historically receives during World Cup years through its sticker business, Reuters reported. The 2026 FIFA World Cup runs June 11 through July 19 across the United States, Canada and Mexico.

Panini did not respond to a request for comment. Citigroup declined to comment to Reuters.

A shareholder decision is expected before December 31, 2026.