Reports: Panini providing conflicting financial data in card business

Panini is sharing internal financial numbers to the courts that are different that the numbers they are sharing with potential buyers, according to a report in The Athletic. As a potential seller, according to the report, Panini claims it can "thrive in the sports industry without those licenses." In Panini's lawsuit against Fanatics, Panini makes the claim that "any firm that fails to win the rights to produce and sell trading cards for players of at least one of the Leagues (MLB, NFL, NBA) is eliminated as a competitor" according to the same report.

The report goes on to state that "...Panini’s own claims and statements while trying to sell the company are in tension with the position the company is taking in its court case against Fanatics."

According to The Athletic, one statement from a sales presentation states, "Panini is capable of consistently developing appealing collections regardless of available and agreed licensing options." Also stated in the report, "Panini's unofficial collections have proven to be capable of outperforming official products."

The article additionally quotes Michael Rubin confirming Fanatics won't be purchasing Panini. "We have no interest in buying Panini," Rubin said. "We have been and continue to be relentlessly focused on enhancing the collector experience. We've hired over 1,400 great new team members, invested close to a billion dollars and delivered new and compelling product innovations to elevate the hobby. As such, there is no reason for us to buy Panini, which has invested next to nothing and added minimal, if any, value to the industry."