Panini, the iconic Italian collectibles group, is exploring a potential sale or external investment, with shareholders engaging Citi to evaluate strategic options including full or partial sale or public listing by end-2026. The company could seek a valuation of around €5bn ($5.8bn), though pricing remains uncertain.

Interest has attracted around two dozen potential buyers, including private equity firms, sports groups, and media companies. The process follows strategic discussions prompted by the death of CEO Aldo Hugo Sallustro last year, which led to a reassessment of the company's long-term direction.

Panini's globally recognized football sticker albums generate cyclical earnings tied to major sporting events. However, a potential transaction faces complexity due to a legal dispute in the US with Fanatics, which has secured certain licensing rights previously held by Panini, adding uncertainty to any deal.