Panini’s shareholders are evaluating a potential sale or external investment in the Italian collectibles group, according to Reuters sources.

The company has engaged Citi to explore strategic options, including a full or partial sale or a possible public listing, with a decision expected by the end of 2026.

Sources indicate that Panini could seek a valuation of around €5bn, equivalent to approximately $5.8bn, although pricing remains uncertain due to earnings volatility and ongoing legal disputes.

Interest in the business has been broad, with around two dozen potential buyers, including private equity firms as well as sports and media groups, expressing interest.

The process follows renewed strategic discussions after the death of shareholder and CEO Aldo Hugo Sallustro last year, which has prompted a reassessment of the company’s long-term direction.

Panini is best known for its collectible football sticker albums, a globally recognised franchise that typically benefits from major sporting events such as the World Cup.

A potential transaction could therefore capitalise on cyclical earnings strength linked to upcoming tournaments, supporting valuation expectations.

The company is also involved in a legal dispute in the US with Fanatics, which has secured certain licensing rights previously held by Panini, adding complexity to any potential deal.

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