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:
Continue reading “Clemente’s Corner: The Pros and Cons of Fanatics Buying Upper Deck”
Remember back in February, when Jack Hughes scored the “Golden Goal” in the gold medal game at the 2026 Winter Olympics. His overtime heroics gave the U.S. a 2-1 win over Canada – and the country’s first gold medal in men’s Olympic ice hockey since 1980. 
