House Democrats Want Answers on StubHub CEO’s Ticket Broker Firm: “Conflict of Interest and Potential Grift”
"Eric Baker appears to be using his positions at Andro Capital and StubHub to profit, potentially at the expense of customers, fans, and artists," said Robert Garcia, ranking member of the Committee on Oversight and Government Reform.
U.S. House Democrats are pressing StubHub CEO Eric Baker for answers regarding ties between the ticket resale platform and his own investment firm, Andro Capital. House Oversight Committee member Rep. Robert Garcia sent Baker a letter on Thursday seeking documents and information about Andro Capital. This comes three months after Garcia initiated an investigation into the relationship between StubHub and Andro Capital.
StubHub disclosed in its IPO filings that Baker is an owner and managing partner of Andro Capital, which buys bulk ticket inventory from event organizers and resells them on the secondary market. Andro Capital has generated over $5 million in revenue through transactions on StubHub since 2022, with StubHub taking a percentage fee on that revenue.
An affiliate of Andro Capital, Colloquy Capital, also has a contract with StubHub to provide short-term financing to other resellers on the platform. StubHub denies any wrongdoing in its relationship with Andro Capital, stating that Andro is one of several legitimate vendors contributing to the platform's business. The letter from Rep. Garcia specifically targets Baker in his capacity as Andro Capital's managing partner, asking for information on the role Andro plays in the ticket market and how the relationship between Andro and StubHub might unfairly raise costs for consumers and limit profits for artists.
Written by urgent.news from Billboard's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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