Goldin Auctions, Backed By Chernin Group, Partners With Barstool Sports


Ken Goldin, Founder of Goldin Auctions, with examples of expensive sports collectible cards run by the company.

Photo for Goldin Auctions

An investment by the Chernin group private equity firm in the collectible and collectible card company Goldin Auctions takes a new turn.

TCG Capital Management of Chernin Group based in Playa Vista in February invested $ 40 million in Goldin Auctions, a Runnemede, New Jersey-based marketplace for collectibles and collectible cards.

This stake in Goldin Auctions now allows The Chernin Group to close the loop of a major investment it made more than four years ago in New York-based Barstool Sports.

On July 6, Goldin Auctions announced a partnership with Barstool Sports, an irreverent ESPN-like sports chat streaming website that was once owned by the Chernin Group. Barstool Sports produces blog posts, podcasts, social media and live events.

Digital content deal between Goldin Auctions and Barstool Sports comes amid record growth in the collectibles industry that started during the pandemic and continued as the Covid-19 crisis eased .

Goldin Auctions generated over $ 100 million in revenue last year and over $ 220 million so far this year – and the company is profitable, according to Sam Farber, who has spent more than a decade at the NBA to develop digital content before joining Goldin to strengthen the company’s content strategy.

At the heart of the Golin-Barstool partnership is content that will be developed with product ideas to help integrate Barstool’s fan base more deeply into the collectibles community, Farber said in an interview.

The two companies are already working together on an auction of sports memorabilia – most likely collectibles from NBA player Kobe Bryant, Farber said. Memorabilia from Angels baseball star Mike Trout will also be on sale at an auction scheduled for August.

“We are investing heavily in creating new experiences and engaging content across all platforms,” he said.

In May, Golden Auctions sold a T206 Honus Wagner baseball card for $ 3.7 million and a 1997 Michael Jordan autographed Game Jerseys card for $ 2.1 million. The oldest Kobe Bryant jersey worn by the game was purchased for $ 3.69 million – the most ever paid for an NBA jersey, according to Farber.

Barstool’s rise accelerated in 2016 when The Chernin Group bought the company for between $ 10 million and $ 15 million.
The company then injected an additional $ 15 million into the brand.

In January 2020, Penn National Gaming Inc. took a 36% stake in Barstool Sports for $ 163 million – $ 135 million in cash and $ 28 million in convertible non-voting preferred stock.

In return, Penn National received the exclusive rights to use the Barstool brand in its sports betting products in a deal that valued Barstool Sports at $ 450 million.

Goldin Auctions has strengthened its leadership roles this year, including bringing in Ross Hoffman, who has held senior positions at Twitter, Google and Headspace, as the new CEO.

Other new leaders include Farber, who joined in April; John Venuto, former head of strategy and global operations at Uber, who joined the group as head of growth in June; Josh Lee, previously head of finance at Pegasus Tech Ventures, who joined as head of finance and business operations; and Moraa Gekonge, who ran the operations of food business Misfits Market, who joined the company as operations and supply chain manager.

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