Record WNBPA Trading Card Deal Follows 100x Category Growth

The WNBPA’s timing in renewing its trading card license with Panini America as it negotiates with the WNBA for a new collective bargaining agreement is largely coincidental, but the details of the deal show how league players have increased their sway in recent years.

Financial terms of the multiyear tie-up were not disclosed, though the parties described it as the most lucrative licensing agreement in women’s sports history. That’s no shock. According to sources familiar with the matter, WNBA trading card sales have grown more than 100 times since Panini took over the business in 2019, reaching into the mid-eight figures (between $10 million and $100 million) annually.

More from Sportico.com

Maximizing group licensing rights was one of the priorities players put in front of Terri Carmichael Jackson when she took over as WNBPA executive director in 2016. The union reclaimed its group licensing rights from the league in 2018 and in 2021 joined OneTeam Partners, which represents athletes including the MLBPA, MLSPA, NFLPA and NWSLPA. OneTeam facilitated the latest renewal as well.

Card licensing deals generally operate on a royalty-based structure with yearly minimum guarantees. The NFLPA and MLBPA earn between $50 million and $100 million in royalties each year, according to recent tax filings. Leagues sign their own IP licensing deals with card makers; the WNBA’s deal with Panini is not yet up for renewal.

Licensing deals represent one of the largest sources of income for unions, alongside player dues. Within the category, trading cards and video games often represent some of the most valuable rights. That money can then be used as a backstop, as PAs stare down potential work stoppages in negotiations with leagues. In 2021, then-NFLPA executive director DeMaurice Smith told The Wall Street Journal that the reason OneTeam was set up was “the leverage that it was designed to give our unions and our other membership unions.” WNBA CBA conversations continue ahead of a Nov. 30 deadline.

WNBA card sales benefited from both exploding interest in the league and the expansion of the broader card industry in recent years.

“The growth of that business … has been nothing short of awesome from a quality of product standpoint and of course from a dollar standpoint,” OneTeam Partners head of consumer products licensing Ricky Medina said in an interview. “We’re still tip-of-the-iceberg in terms of the size of the business relative to how big it can get.”

Fanatics Collectibles’ entrance further increased the demand for licensing rights. Fanatics-owned Topps NBA cards debuted this year, with NFL cards coming in 2026. Recent years have seen what The Washington Post described as “an all-out corporate war” between Fanatics and Panini.

Panini has locked down exclusive autograph deals with recent rookie stars Paige Bueckers, Caitlin Clark and Angel Reese as it deepened its investment in women’s sports cards. In July, a unique Clark autographed card sold for a category record $660,000. Panini head of marketing Jason Howarth said the WNBA card business has grown just as fast with traditional card collectors as with those new to the hobby, drawn in by the league’s stars.

The new deal includes expanded commitments from Panini toward player marketing and event sponsorships.

—Daniel Libit and Eben Novy-Williams contributed reporting

Best of Sportico.com

Record WNBPA Trading Card Deal Follows 100x Category Growth

Tags: