The business raised $350 million in September in a deal that valued it at greater than $10 billion. With the acquisition of Topps, Fanatics has the right to design, manufacture and distribute baseball cards beginning immediately. (Fanatics’ original take care of Major League Baseball and the players’ union had allowed for a 2026 begin. But in August, the company was blindsided when it misplaced its licensing agreement with Major League Baseball and the Major League Baseball Players Association to Fanatics, putting its future unsure. Fanatics and Topps began discussing the acquisition of Topps’s card business roughly a month after Topps misplaced the baseball contract, a person familiar with the situation stated.

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