News
Fanatics makes another big move, purchasing PWCC Marketplace
Fanatics Collectibles continues to increase its foothold in the sports collectibles industry by purchasing PWCC Marketplace, one of the hobby’s top online auction sites.
The move, which was first reported on Monday, allows the new trading card giant to enter the lucrative world of online auctions, where PWCC has been a major player for several years.
Terms of the deal have not been disclosed, but a Fanatics spokesperson confirmed the sale on Tuesday, calling it “a strategic, long-term decision for the business that will allow us to further enhance and support the broader collector ecosystem.”
“PWCC has built a strong business with great tech, a leading marketplace and vault,” AC Betts, Vice President, Brand and Communications for Fanatics Collectibles, said. “Bringing them into Fanatics Collectibles will give us the opportunity to further build and strengthen on the foundation that exists today and ultimately deliver a lot of value to our fans/collectors.”
According to Sports Collectors Daily, PWCC employees were told of the sale on Monday. PWCC laid off more than 30 employees last month, but Fanatics does not plan any more staff cuts nor any major changes in PWCC’s operations.
“It's paramount that we make thoughtful decisions in service of collectors, so for now it will be business as usual given it's a long-term move for us,” Betts said.
Fanatics announced in 2021 that it had acquired the rights to produce trading cards for MLB, NFL and NBA beginning in 2023. It made its first big move in early 2022, purchasing Topps for $500 million, an acquisition that allowed it to accelerate its MLB license. The company has continued to make strategic moves to enhance its collectibles business and footprint in the hobby. It announced recently plans to create a live ecommerce platform for product breaks and fan engagement.
The purchase of PWCC now allows it to enter the online auction business, which is currently led by Heritage Auctions, Goldin Co. and a host of other longtime auction houses.
PWCC became one of the largest trading card sellers on eBay, with sales reportedly approaching $250 million, but left the online marketplace in 2021 over accusations of shill bidding, a charge the company vehemently denied.
In 2022, PWCC opened its own marketplace and auction platform, conducting weekly and premiere auctions, a fixed marketplace and one of the hobby’s first vault services to allow collectors and dealers to secure their cards.
Since starting its own marketplace, PWCC has become one of the hobby’s top online auction platforms, brokering several record sales, including the highest-selling NFL card of all time.
It is also credited with several new technical innovations that have made buying and selling cards easier and safer for collectors, including the tax-free vault and a loan program that allowed collectors to borrow money using their cards as collateral. It has also partnered with multiple card-grading companies and other hobby businesses.
But according to Darren Rovell of the Action Network, the recent decline in the market and value for modern sports cards impacted PWCC’s business, leading to layoffs and the decision to sell the company to Fanatics.
