Brent has left PWCC

[Peter_Spaeth]

According to reports I have seen Fanatics informed employees via email. It wasn't that long ago he reportedly was offered an astonishing total by Fanatics to sell but turned it down. Evidently he also made terrible decisions to loan millions against cards at the very top of the market with the result that PWCC was worth one dollar at the end. A stunning fall.

[Jay Wolt]

So Brent walked away with nothing?

[Peter_Spaeth]

Originally Posted by Jay Wolt

So Brent walked away with nothing?

Perhaps he was paid some salary or severance, but received only his share of one dollar for the sale of the company itself.

[Snowman]

I call BS. Zero chance he walked away with nothing. Brent would rather watch it fail and crumble to the ground than walk away with nothing. Don't believe everything you hear. Brent got paid.

[G1911]

Anyone have a source for the price paid, $1 or a lot?

[Michael B]

I have no opinions one way or the other and everything is anecdotal. According to ESPN:

Despite PWCC layoffs in late April that eliminated roughly 25% of its workforce, Fanatics has announced that "all of PWCC's 125 employees" will move over, though it's not immediately clear how PWCC's platform will be utilized or integrated.

It's believed, according to sources close to the deal, that the acquisition will prove beneficial to the still-to-come Fanatics Live, a live shopping platform and commerce service for collectors. Fanatics Live, expected to launch in the second half of 2023, will focus on money-pooled case and box breaks to start.

According to Cardlines:

We don’t know the exact sum of the sale. But according to a source familiar with the deal, it was executed at a meager price. This will surprise no one since PWCC has been in serious trouble for a while now.

In April, the company fired one-quarter of its workforce, a total of 30 workers. Reportedly, none of those fired received any severance pay. That is both an indication of the ethically challenged practices of PWCC and a sign of their financially troubled position.

In an internal statement, PWCC assured their remaining employees that the move was designed to “restructure and streamline PWCC into increasingly efficient, technical, and data-driven departments.”

But many of their workers were understandably not feeling reassured. However, Fanatics’s company purchase will provide a much-needed cash infusion for PWCC.

While PWCC was in financial trouble, that doesn’t mean Rubin got to name his price. According to sources, Collectors Universe and at least one potential buyer were in the mix to purchase the vaulting and auctions company.

Indeed, Collectors Universe may have been pretty close to making a deal. Therefore, the price was probably not optimal from the perspective of Fanatics.