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MLB will be taking their card business elsewhere.

Since the 1950s, Topps has been the first and foremost name in the trading card industry, serving as the top retailer of officially-licensed Major League Baseball trading cards. Topps was supposed to undergo an SPAC merger with Mudrick Capital Acquisition Corporation II, which would have increased their value exponentially. However, a last-minute decision from its own partner, the MLB, has stymied those plans.

MLB announced yesterday that they have decided not to renew their partnership with Topps, and instead are considering moving their trading card business over to sports retailer Fanatics. Following this, Topps’ merger plans with Mudrick were “terminated by mutual agreement,” according to the latter.

“Mudrick Capital Acquisition Corporation II (Nasdaq: MUDS) announced today that the Agreement and Plan of Merger with Topps Intermediate Holdco, Inc. and Tornante-MDP Joe Holding LLC has been terminated by mutual agreement, after notification on August 19, 2021 from Major League Baseball and the Major League Baseball Players Association that they would not be renewing their respective agreements with The Topps Company when they come up for renewal at the end of 2025 and 2022, respectively.”

While this will likely be a blow to Topps’ bottom line, they have no intention of folding. Topps will remain a private company and continue their business for the foreseeable future, aided by their ongoing contracts with Major League Soccer and the National Hockey League. “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,” the company said.