You’ve probably seen the videos and forum posts — “the end of the Panini era,” “Panini is done,” “sell your cards now.” It spreads fast in the hobby community. But there’s a big difference between losing a license and going out of business, and right now, those two things are being confused constantly.
This article breaks down what is actually happening with Panini, why their NBA and NFL licenses are changing hands, and what collectors and investors should realistically expect going forward.
Panini Is Not Going Out of Business — Here’s the Real Story
Let’s clear this up first. Panini is losing its NBA and NFL trading card licenses in the United States. That is a significant business change. But it is not bankruptcy, and it is not a company shutdown.
No credible business source has reported that Panini has filed for insolvency or announced plans to close. The “end of Panini” language that’s been spreading comes mostly from hobby content creators talking about the end of Panini’s licensed NBA and NFL product era — not the end of the company itself.
Panini operates globally across multiple product lines. US sports cards are one part of a much larger business, and losing two American sports licenses, while painful, does not wipe out the whole company.
What Panini Actually Is — and How Big the Business Really Is
Panini is an Italian company with decades of history in collectibles. Most people outside the US know Panini for one thing: World Cup sticker albums. If you grew up in Europe or Latin America, you’ve probably filled one. That business is enormous and has nothing to do with the NBA or NFL.
Panini America is the US arm of the company. It focused heavily on trading cards and sports memorabilia — Prizm, Select, Mosaic, Donruss, and dozens of other sets that became staples in the American hobby market.
Outside the US, Panini holds strong positions in European football stickers, international sports licenses, and non-sports entertainment cards. Losing the NBA and NFL is a serious blow to Panini America specifically. But it does not represent the full scope of what Panini Group does globally or where its revenue comes from.
How Panini Lost the NBA and NFL Licenses
This didn’t happen overnight. Both losses are the result of contract expirations and a larger strategic shift in the US sports collectibles industry.
Panini’s NBA license officially expired and transferred to Fanatics and Topps in October 2025. The NBA chose to go in a new direction, and Fanatics had been aggressively pursuing long-term exclusive deals across multiple major US sports leagues.
The NFL situation is more complicated. Panini was originally scheduled to lose that license in 2026, but an arbitration ruling gave Panini the right to continue producing licensed NFL cards in the interim. On top of that, both companies are currently involved in an antitrust lawsuit, which has added legal complexity to the whole transition timeline. The outcome of that case is still evolving, so the exact long-term picture for NFL cards is not yet settled.
It helps to look at this with some historical perspective. In 2016, Topps lost the NFL license to Panini. Topps didn’t disappear — it refocused on MLB and other segments and kept operating. Now the situation is reversed. Panini is the one losing key US sports licenses, and it will likely need to make a similar kind of pivot.
The leagues chose Fanatics because Fanatics has the capital and strategy to lock down exclusive, long-term deals across the sports collectibles market. This is an industry consolidation story, not a story about Panini failing as a company.
Licensed vs. Unlicensed Cards — What Panini Products Will Look Like Going Forward
This is where things get practical for collectors. Once Panini no longer holds the official licenses, there are still options — but the products change in an important way.
Licensed cards carry official team logos, league branding, and full approval from the league and players association. When you open a pack of Panini Prizm basketball and see the Lakers logo on LeBron’s card, that’s a licensed product.
Unlicensed cards can still feature player images, but without official logos or team names. Think of a player photo with a blurred or generic jersey and no team branding on the card. They’re legal, but they look noticeably different from what collectors are used to.
Panini has confirmed plans to continue releasing unlicensed sports card products under recognizable brand names like Mosaic and Elite. These products will still reach the market, but they’ll appeal to a narrower collector base. Unlicensed products generally carry less broad market value than their licensed equivalents — though niche collectors and certain specialty markets still find value in them.
What This Means for the Value of Your Panini Cards
If you own licensed Panini NBA or NFL cards, they are not suddenly worthless. In fact, the opposite logic applies in many cases.
Products that represent the final licensed era of any major brand often hold or increase in value over time. Collectors and speculators know that the 2024–25 NBA products and the final licensed NFL sets are among the last of their kind from Panini. That “last of an era” factor creates demand.
Some hobby commentators have noted that sealed boxes of the last licensed Panini NBA releases may attract speculative buying. Similarly, once the NFL transition is finalized, those final licensed Panini NFL sets could see the same kind of attention.
Sets like Panini Chronicles have been highlighted as products that may maintain strong niche value due to their collector following. That said, card values are never guaranteed to move in any direction — treat any projections as possibilities, not certainties.
Unlicensed Panini cards going forward are a different story. They may appeal to dedicated Panini fans and niche collectors, but they are unlikely to carry the same flagship status as future licensed Topps products.
How Fanatics and Topps Change the Picture
Fanatics acquired Topps, and through that, it now controls the production of officially licensed NBA cards in the US. Expect the return of Topps Chrome for basketball and other classic Topps branding that older collectors will recognize.
For the hobby overall, some commentators argue this transition could bring fresh designs, new product strategies, and potentially more competitive pricing as Fanatics establishes itself in the space. Whether that plays out remains to be seen.
What is clear is that Panini’s licensed releases will become a completed chapter for US basketball and football. Future flagship sets for those sports will carry the Topps name, not Panini’s.
What Risks Still Exist for Panini
Losing two of the biggest US sports licenses is a genuine financial hit to Panini America. There’s no value in pretending otherwise. It could mean reduced revenue, potential restructuring of the US business, or other operational changes — though no specific announcements about layoffs or major restructuring have been confirmed by credible sources at this point.
The antitrust lawsuit between Panini and Fanatics is still active, and future rulings could shift timelines or change what products Panini is allowed to produce. Anyone following this situation closely should watch for updates on that legal case.
For collectors wondering whether it’s still safe to buy Panini hobby boxes — Panini is still an operating company. Buying current products carries the same general considerations as buying from any active manufacturer. The bigger question is what you’re buying and why.
For more grounded business coverage like this, The Business Briefs covers the kind of real-world business stories that actually affect decisions.
The Bottom Line
Panini is not going out of business. It is losing its NBA and NFL trading card licenses in the United States — and that is a meaningful distinction.
The company behind the World Cup sticker album and European football collectibles is still operating globally. Panini America will face real challenges, and the US hobby market will look different without Panini’s licensed basketball and football products. But that’s a story about a market transition, not a corporate collapse.
If you own licensed Panini cards, they carry historical significance as part of a specific era in the hobby. If you’re considering buying, understand the difference between licensed and unlicensed products and buy based on what you actually want — not out of panic or hype. The hobby continues. It just looks a little different from here.
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