Topps Staying Private, Merger with Mudrick Capital Called Off
Topps isn’t going public after all. With word coming out yesterday that the MLB and MLBPA are expected to award the exclusive baseball card license to Fanatics, Topps and Mudrick Capital have called off their plans to merge. The move will keep Topps as a private company.
A release from Topps said the decision to cancel the merger was a mutual one.
Topps and Mudrick were nearing the finishing line of a merger that would have seen the new company go public on the NASDAQ exchange. An official shareholder vote to finalize that deal had been scheduled for next week on August 25.
However, with MLB baseball cards making up a significant amount of their business, that loss changed the future company’s outlook and potential earnings.
A statement from Topps said, “Topps expects to be able to produce substantially all its current licensed baseball products through 2025, pursuant to its existing agreements, and will build on the exceptional performance in the second quarter of 2021 in its Sports & Entertainment segment, and its Confections segment.”
Topps has been producing MLB cards continuously since 1951. They’ve had the exclusive license for the league since 2010. Their current deal runs through 2025 with the new Fanatics-led company now expected to take over in 2026.