Published by Global Banking & Finance Review®
Posted on April 2, 2026
2 min readLast updated: April 2, 2026
Add as preferred source on GooglePanini shareholders are weighing an external investment or sale by the end of 2026, potentially valuing the company around €5 billion amid strong World Cup season earnings and an ongoing antitrust lawsuit with Fanatics.
By Elisa Anzolin
MILAN, April 2 (Reuters) - Shareholders in Italy's Panini, the maker of collectible stickers, are expected to decide by year‑end on an external investment in the company famous for its football players' album, after two dozen potential buyers showed interest, a person close to the matter said.
A transaction this year could benefit from the boost the World Cup traditionally brings to Panini's core profit.
Given the fluctuations in earnings, a valuation for family-owned Panini is hard to pin down, with two financial sources pointing to the additional uncertainty caused by a lawsuit in the United States.
Speaking on condition of anonymity because the matter is confidential, the source said Modena-based Panini could be seeking a valuation of around 5 billion euros ($5.8 billion).
A representative for Panini was not immediately available to comment.
Panini last year picked Citi as a financial adviser to explore strategic options, including a full or partial sale and a stock market listing.
Controlled by the Baroni and Sallustro families, Panini has explored a potential sale in the past.
The latest push comes after the death last year of shareholder and CEO Aldo Hugo Sallustro.
While no formal sale process has yet started, a broad range of parties, including private equity firms as well as sports and media groups, have expressed interest for a possible deal, the person said.
Panini is embroiled in a legal dispute with U.S. sports merchandising group Fanatics, which has secured some exclusive licensing rights previously held by the Italian firm.
Panini America sued Fanatics in a U.S. court in 2023, accusing the rival of attempting to unlawfully dominate the market through anticompetitive practices.
Fanatics acquired trading card maker Topps in 2022 but the source ruled out Panini could consider it among suitors.
In December Fanatics CEO Michael Rubin told The Athletic that he had not interest in buying Panini.
($1 = 0.8618 euros)
(Reporting by Elisa Anzolin; Editing by Valentina Za)
Panini shareholders are expected to decide by the end of the year on whether to pursue an external investment or sale.
Around two dozen potential buyers have expressed interest in Panini.
Fluctuations in earnings, the impact of the World Cup, and ongoing legal disputes are key factors affecting Panini's valuation.
Panini is involved in a lawsuit in the United States against Fanatics over alleged anticompetitive practices and loss of licensing rights.
Private equity firms, sports, and media groups are among the parties who have shown interest in Panini.
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