A historic deal signed by Los Angeles Lakers star LeBron James with Fanatics Collectibles is certain to accelerate a decades-long shift in the sports cards industry away from kids hoping to own a piece of their favorite player to one dominated by well-financed adults, according to an industry expert.
Jeff Jensen, manager at Baseball Card King, which sells sports cards out of its three Illinois retail locations, told The Epoch Times that the record deal means that the vast majority of Mr. James’s younger fans will have little, if any, opportunity to purchase the new product launch.
“I can pretty much assure that anything to do with this new product with Lebron James is not going to be a product a regular kid can afford,” Mr. Jensen said. “Sports cards have become an adult industry where to be a serious collector you need to spend thousands of dollars and the deal signed by Lebron is only going to make that case more emphatically.”
“The image a lot of people have of the era of the young kid riding up on his bike to buy a few packs of cards is long gone,” he added.
In a statement released to the outlet Fanatics Collectibles, CEO Mike Mahan said the goal was “to push the envelope of where the hobby can go and are excited about how our collaboration with one of the best athletes in the world will continue to ignite fan and collector passion.”
Terms of the deal were not disclosed. However, according to reports, the deal could be worth more than $5 million per year, which would set a new industry record.
In a statement obtained by ESPN, Mr, James called the landmark deal a celebration of his life journey.
“As someone who appreciates all the moments—big and small—along the journey, I’m excited to share more with my fans through this partnership with Fanatics,” Mr. James said. “In sports, there is so much greatness to celebrate and I’ve always been one to take a moment to recognize that in athletes at the top of their games. It’s all about celebrating the journey and enjoying those moments, with many more to come.”
In the case of Mr. James, part of that journey has included some of his trading cards being sold for amounts higher than many Americans earn in a lifetime. In June 2022, a “Triple Logoman” card featuring Mr. James from the 2020-21 Panini basketball card set sold at auction for $2.4 million, and one of Mr. James’ Upper Deck rookie cards sold for $1.8 million.
Mr. James revealed that he has purchased two of the million dollar cards himself, telling reporters during the 2020 NBA finals that he bought his own card as an “investment.”
“I have two [of those] rookie cards of my own,” he said. “So I'll be good for a very, very long time. No matter what happens, I’m good.”
Addiction Risk
In a video viewed more than 200,000 times, sports card enthusiast George Wiley discussed his experience in the industry, where he witnessed firsthand the struggle many collectors had with controlling their impulses.“I was understanding that I was contributing to people who were really deep into addictions, the thrill of collecting, and the greed associated with the big hit, and it was also something that I was struggling with,” said Mr. Wiley, who admitted that his lack of self-control put him $20,000 in debt.
“I had a guy tell me once, ‘Ship my cards to my office because I don’t want my wife to know,’” he added.
At the sentencing, a letter was submitted by Mr. Nelson’s mother, who pleaded for probation for the father of four, recalling his childhood interest in cards that would later consume him. “No one knew the hobby of collecting would turn into an addiction,” she wrote.
A judge sentenced Mr. Nelson to two years of federal probation and ordered him to pay $133,999 in restitution.
Mr. Jensen, who spent decades in the industry and witnessed the transition first hand, says that while the market may now be dominated by adults looking for their next big hit, there will always be a place for true collectors, both young and old.
“Throughout all the change, there is still nothing quite like stopping by the local card store and talking up your favorite player,” Mr. Jensen said. “A pack might not be 50 cents like it used to, but we sell some packs for as low as $6. You might not get a Lebron autograph out of it but it is still a thrill.”
