Clemente’s Corner: The Pros and Cons of Fanatics Buying Upper Deck
As Fanatics continues its rapid expansion across the sports collectibles market, speculation about potential future acquisitions have become a regular topic over the last few years.
Following its acquisition of Topps in 2021 (and its growing influence over pro sports licensing in the ensuing years), many collectors and industry observers have begun asking whether Upper Deck could eventually become a target.
From a strategic standpoint, the idea makes sense. Upper Deck remains one of the few major independent companies left in sports collectibles and controls several valuable assets – most notably the NHL license – that would fit neatly into Fanatics’ long-term vision. While an acquisition could provide significant advantages, it would also create challenges and potential risks for Fanatics itself.
Fanatics, for example, has been sparring with Panini for years now. It recently announced that it would take over the license of World Cup soccer stickers away from Panini starting in 2031, ending a relationship between the Italian company and FIFA dating back to the 1970 tournament.
Upper Deck’s exclusive trading card license with the NHL and NHLPA is a multi-year deal. Both sides have been secretive when it comes to exact expiration date, only fueling speculation that Fanatics could swoop in (like it did with the NBA license in 2025 after Panini’s 16-year run). Upper Deck has produced NHL-licensed cards since the 1990-91 season. A key milestone came in 2005 when Upper Deck became the exclusive trading card manufacturer.
But rumors surface every few months that Upper Deck could be either taken over or that the company can lose its NHL license, bringing a sense a dread among hockey collectors who are happy with how Upper Deck makes cards.
The question isn’t simply whether Fanatics could buy Upper Deck – but if doing so would actually benefit them. Let’s examine the pros and cons of Fanatics purchasing Upper Deck:
3 Pros of Fanatics Buying Upper Deck
The biggest advantage for Fanatics would be securing a foothold in the last major North American sports category not already under their direct influence. Through licensing agreements and acquisitions, Fanatics has positioned itself to dominate baseball, football, soccer and basketball trading cards. Hockey remains one of the few significant gaps in its ever-expanding portfolio.
“One of these leagues is not like the other. One of these leagues is not the same…”
1. Fanatics Would Be “Four for Four” – Acquiring Upper Deck (or obtaining the NHL license) would allow Fanatics to establish a presence across all four major professional leagues. From a business perspective, that creates a more complete ecosystem and further strengthens Fanatics’ position as the industry’s dominant player. In other words, rather than competing for market share, Fanatics would simply own it.
Purchasing Upper Deck would give Fanatics the opportunity to sell cards and other memorabilia signed by NBA legend Michael Jordan.
2. Like Mike – If there is one asset that could justify serious acquisition interest, it may be an athlete that has nothing to do with hockey: Michael Jordan. Upper Deck maintains exclusive autograph and memorabilia relationships with the former Chicago Bulls superstar, whose influence on the collectibles market remains unmatched decades after his retirement. For Fanatics, gaining control of Jordan (along with Wayne Gretzky and Tiger Woods) collectibles would provide immediate revenue.
If Fanatics had a license to make NHL cards, it could use classic Topps designs – such as the iconic 1971-72 Topps design – on modern cards.
3. Old Time Hockey – Even though Upper Deck operates in a different segment of the market than Fanatics-owned Topps, it remains one of the most recognizable brands in collectibles. If Fanatics had the NHL trading card license, Fanatics could reprise classic Topps hockey card designs from the 1960s, ‘70s and ‘80s in new sets that would certainly appeal to old and new collectors.
3 Cons of Fanatics Buying Upper Deck
One challenge is that hockey remains significantly smaller than baseball, football and basketball from a revenue standpoint. While hockey has an extremely loyal collector base, the overall market is comparatively limited. Fanatics would likely need to invest capital to acquire Upper Deck – and the return on that investment may not be as significant as acquisitions tied to other properties.
1. Too Much for Too Little – Even though buying Upper Deck would give Fanatics the opportunity to expand its reach into Canada, where hockey remains the most-popular sport, making hockey cards may not dramatically improve the company’s profit margin. Fanatics would be paying a lot for an asset that would not make much in return, relatively speaking.
Upper Deck has licenses from the NHL and PWHL, as well as its line of Upper Deck Authenticated high-end autographed merchandise. [Photo by Sal Barry]2. No Reason for Upper Deck to Sell – A second factor to consider is cost. Unlike Panini, which faces mounting pressure from the loss of key licenses, Upper Deck occupies a relatively stable position. The company still controls NHL and PWHL trading cards, maintains valuable athlete relationships, sells high-end autographed memorabilia via its Upper Deck Authenticated line, and has become a respected brand within the hobby. That means there is little desire or urgency for Upper Deck to sell.
It would probably make more business sense for Fanatics to outbid Upper Deck – than buy Upper Deck outright – for the trading card licenses from the NHL and NHLPA.
3. Patience is a Virtue – Fanatics may ultimately determine that securing future licensing agreements is more cost-effective than purchasing an entire company. If the primary objective is making hockey cards that are licensed by the NHL and the NHLPA, then acquiring Upper Deck is not the only path. If Fanatics waits long enough, they might just outbid Upper Deck when its exclusive licensing with the NHL and NHLPA expires. We have seen Fanatics do this before with other league licenses.
Ultimately, the biggest question may not be whether Fanatics wants to buy Upper Deck, but if it is worth their while doing so. The outright cost of acquiring Upper Deck might outweigh the return on investment.
Clemente Lisi is a lifelong Rangers fan who first started collecting cards in 1986. He collects both vintage and modern with a focus on rookie cards. Follow him on Twitter @ClementeLisi.
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