Everyone has been talking about whether Panini will survive or if it might be bought out by Fanatics.

Although they are harmed by a seemingly infinite number of lawsuits and the loss of their crown jewels in the form of the NBA and NFL rights, Panini is still making what Cardi B would call “money moves.”

It has now signed a multi-year renewal agreement with the WNBA to continue and exclusively produce cards for the league. What would have seemed like a minor issue a few years ago, is seen by many as a significant coup when we take into account the increased popularity of the league in the last couple of years.

This is good news for Panini, but is it good enough? In other words, will renewing WNBA rights save Panini?

The News On Panini Renewing WNBA Rights

Panini took over the license for WNBA cards in 2019. At the time it was an afterthought in its powerful arsenal of rights, which included the NFL, NBA and FIFA.

Since then, they have lost much of their empire, especially in the United States, as Fanatics snapped up the rights to professional basketball and football.

There was little good news for Panini over the last few years. But the growth of WNBA popularity is one such example. The WNBA collectibles market is booming and showing no signs of slowing down as a new season begins.

Panini will bank on the popularity of Caitlin Clark to continue to drive interest as the company says sales of its WNBA products have grown “exponentially” since taking on the license in 2019. As Panini senior vice president of marketing and athlete relations Jason Howarth puts it, “We started with WNBA in 2019 and grew the sales exponentially in that first year.

I think when we took over the license, it was at $50,000 in sales. It was very small.”

So Panini did the logical thing and put a ring on it, locking up the rights for an unreported number of years. The WNBPA Executive Director, Terri Carmichael Jackson, explained why they made the move: “Panini gets our athletes and the value they bring to basketball and sports culture. They’ve been invested partners every step of the way, and now we’re ready to deliver even more of the moments and products fans are demanding.”

Meanwhile, Mark Warsop, the CEO of Panini America, voiced his optimism: “Collaborating with the WNBPA has shown how strong this market can be, and we are excited to keep innovating and expanding our product offerings for fans and collectors everywhere.”

Jason Howarth is Panini America’s senior vice president of marketing, said “We felt like we would be a good ambassador for the WNBA as we continue to grow the brands on the NBA side of things,” Howarth said. Right now, Panini and the WNBA aren’t just riding a wave—they’re helping create it.”

There is no question that both sides are very invested in this deal. So far it has worked well for everyone concerned.

How important is this deal for Panini?

For the first time, women’s sports cards represent the most prominent cards to carry pro team names and logos within Panini’s American portfolio. Panini’s own business narrative has made the necessity clear, not just the opportunity.

The momentum behind the WNBA is sparking thoughts across the industry about the long-term future of women’s sports collectibles. Ryan Hoge, president of card grader PSA, remarked, “Relative to all the other cards we see, it’s still small, but it’s got to start somewhere — and the growth rates are outpacing a lot of other categories.”

He added, “If Caitlin Clark is the Michael Jordan of women’s basketball cards, collectors are going to want the Charles Barkleys and Scottie Pippens. It’s a pull-forward effect for the whole category.”

According to eBay, Clark was the third most searched athlete on its platform in April, behind only Michael Jordan and Jayden Daniels and ahead of J.J. McCarthy and Shohei Ohtani.

During that month, her two Prizm WNBA base cards were among the four most transacted sports cards across online marketplaces, Market Movers data showed.

This pull-forward points to a potential durable market expansion, not just a flash in the pan fueled by one superstar. While Clark is undeniably the driving force, other big names like Angel Reese, Paige Bueckers, Breanna Stewart, and Sabrina Ionescu are steadily gaining traction among collectors. Bueckers, in particular, has shown how the interest in Clark is now moving to new and fresh talent.

But we do not have final answers yet. This could turn out to be sustainable growth for WNBA cards, or it could be a temporary bubble. Either way, it is doubtful that these cards will be able to rival their MLB, NBA and NFL counterparts for overall popularity any time soon.

More than just Clark

Veteran stars like Breanna Stewart and Sue Bird also maintain enduring appeal, bridging generational gaps and adding depth to the market.

The diversification of star power helps create a broader collector base, making the category more resilient and less dependent on the rise or fall of any one player.

The fact that WNBA Prizm hobby boxes are outselling even NBA boxes—with a rookie class led by Victor Wembanyama—is staggering. According to Waxstat, which tracks pricing for sealed boxes and packs of cards, the average price for a 2024 WNBA Prizm hobby box in the last 30 days is $984.95.

A 2024-25 Prizm NBA hobby box currently averages only $419.95, as the set’s rookie class lacks star power. The WNBA hobby boxes even stand tall with 2023-24 Prizm NBA hobby boxes with Victor Wembanyama as the main chase card as those boxes average $1,149.95.

Since Panini will have few distractions in marketing, they can put a lot of money into the WNBA. That may be one of the reasons the league prefers Panini. This way they can play the role of a large fish in a smaller pond instead of languishing in the Fanatics roster.

I’m rooting for Panini to continue to be relevant and successful in the space.

But I must admit; interest in WNBA cards has fallen off a cliff since Clark went out for the year.

I’m hoping she comes back strong and other stars emerge while all this lockout/strike talk goes…

— The Sports Card Shop (@_sportscardshop) November 21, 2025

Expanding the roster of WNBA Panini releases

Clark’s rise has played a major role in Panini’s decision to expand its WNBA card lineup from three traditional sets last season to four this year. In addition to the well-established Prizm, Select, and the print-to-order Panini Instant lines, Panini is introducing Donruss as a new flagship WNBA set slated for release in July.

This will be joined by a high-end premium product arriving in September, rounding out a diverse portfolio that offers collectors an unprecedented variety of WNBA cards.

Each Panini product plays a distinct role in the market. Prizm remains the hobby’s cornerstone for WNBA cards with its chromium-style finish and highly coveted rookie parallels that generate strong demand.

Select offers collectors unique parallels and inserts with a fresh look, while Panini Instant caters to real-time collectors by producing limited-edition, event-specific cards that capture special moments as they happen.

Donruss’s entrance to the WNBA lineup is especially significant. Known as Panini’s flagship set for women’s basketball, Donruss brings its signature classic design and popular inserts like the Downtown series, which is one of the hobby’s most collectible insert lines.

Featuring stars such as Clark and Angel Reese, these inserts are proven crowd-pleasers that attract buyers far beyond the core WNBA collector base, helping to broaden interest and market growth. They also plan high-end products for the WNBA. Impeccable will be coming out in the near future and National Treasures is likely not far behind.  

Together, these expanded offerings balance collector favorites with fresh innovations, catering to a wide spectrum of enthusiasts, from casual fans drawn to Panini Instant’s immediacy to serious collectors chasing rare, investment-grade cards.

This variety not only sustains the current boom driven by Caitlin Clark but also lays a strong foundation for long-term growth in the WNBA collectibles market.

Demographics and growth potential for WNBA cards

One of the most exciting aspects of the WNBA card market lies in the shifting demographics of its collectors, which differ notably from traditional sports card audiences.

Early evidence suggests that the WNBA’s collectible fan base skews younger and includes a significantly higher percentage of female collectors compared to the often male-dominated world of NBA, NFL, or MLB cards.

Though exact demographic breakdowns aren’t widely published, multiple signals make this clear. The broader WNBA fan base itself is younger and more female than traditional sports audiences, and since collectors tend to mirror fans, it’s natural that WNBA card buyers reflect that diversity.

Social media activity and marketing trends show Panini and the league targeting platforms where younger and female fans are most engaged, like TikTok and Instagram.

Panini’s product strategy—offering everything from casual-friendly instant cards to high-end collectibles—also hints at appealing to a multi-layered collector base that includes lots of younger, digitally savvy, and female fans.

This evolving demographic profile presents Panini with a unique growth opportunity that goes beyond sheer numbers. Younger collectors tend to be more digitally savvy and open to diverse forms of engagement, from social media communities to digital collectibles like NFTs.

More female collectors bring fresh perspectives and preferences that influence what kinds of cards resonate, whether it’s a greater emphasis on storytelling, empowerment, or designs that highlight athletes beyond just their on-court achievements.

If these demographic trends continue, the WNBA card market has the potential not only to grow in size but also to reshape the broader sports collectibles landscape—inviting new fans, fostering deeper connections, and evolving the hobby into a more dynamic and representative community.

Strategic uncertainty and the road ahead

While the WNBA is showing promising signs, it may not be enough to turn the tide for the ailing company. After losing the rights to its main assets, Panini Group is reportedly exploring strategic options, including a possible sale, with Citi selected as its financial advisor for this process.

This development follows mounting pressure from losing key licenses and ongoing costly legal battles. The death of longtime CEO Aldo Hugo Sallustro earlier this year, who led Panini’s major expansion into the U.S., adds leadership shifts into the mix.

Here’s a question: Did Panini pay up to get this WNBPA deal done in order to bolster its value in sales talks that have been reported? Or does Panini actually want to make WNBA cards 3 years from now as essentially the foundation of its US-based card business?

— Satchel Price (@SatchelPrice) November 20, 2025

The rivalry between Panini and Fanatics escalated into lawsuits: Panini America sued Fanatics in 2023 for antitrust violations, alleging Fanatics has created a monopoly in the industry.

Fanatics countersued, accusing Panini of tortiously interfering with employee agreements as key staff moved to Fanatics. These suits have been consolidated before a judge in the Southern District of New York and will likely continue into 2027 or 2028.

Panini’s valuation, which is estimated at between €3 billion and €4 billion despite $1.9 billion in revenue in 2024, reflects confidence largely driven by global businesses.

However, uncertainty in Panini’s U.S. licensing future, with NBA and NFL licenses lost, threatens the company’s American trading card prospects. Potential new owners or investors will certainly watch the booming WNBA segment closely, which is both a financial lifeline and a strategic test for Panini’s future.

This strategic uncertainty highlights why the WNBA partnership is so critical for Panini. As their NFL and NBA licenses vanish, the WNBA deal becomes their anchor in U.S. sports cards. The collectibles boom driven by stars like Caitlin Clark gives reason for optimism amid larger corporate and legal upheavals.

The final word on renewing WNBA rights save Panini?

It is tempting to say Panini is betting on the WNBA to save it. But that isn’t really the case. It doesn’t have a choice. This is one of the few positions it still owns in American sports.

But it is also the most promising. If Panini can figure out how to market to a different demographic, it could be a difference-maker.

We hope that with fewer products coming out, the company will improve the timing of its releases and customer service, since these were weaknesses in the past. Either way, their survival is important to avoid a complete monopoly in the industry.