Topps SPAC merger with Mudrick Capital is dead because MLB killed 70-year-old trading card deal

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Topps’ baseball cards from the 2016 season are on display during the “Open Topps Baseball Series 1 Cards ” event at the Topps’ offices on February 10, 2016 in New York City.
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Mudrick Capital Acquisition Corporation II on Friday said its SPAC merger with The Topps Company “has been terminated by mutual agreement” because of Major League Baseball’s decision to end a 70-year-old trading card deal with Topps.

The announcement for the Nasdaq-listed company in a filing with the Securities and Exchange Commission came a day after news broke that MLB will not renew its existing trading card arrangement with Topps.

MLB is expected to give its trading card business to Fanatics, the sports retail company.

Topps’ special purpose acquisition merger with Mudrick, which had been announced in April, valued Topps at $1.3 billion.

MLB had as partnered with Topps on cards since 1952, getting a royalty on cards the company sells.

The statement Friday said: “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.”

Topps retains licensing deals with Major League Soccer and the National Hockey League.

This is breaking news. Check back for updates.