StubHub CEO Eric Baker Funds Mass Scalpers on His Own Platform, SEC Filings Confirm

StubHub Says 'Think: eBay.' The SEC Filings Say Something Different.

StubHub's standard line to critics is that it is "a technology platform that connects independent buyers and sellers," not a ticket seller. The company told CBC News to "think: eBay."

According to a CBC News investigation published July 10, 2026, StubHub CEO Eric Baker is part owner and managing director of Andro Capital, a fund that resells millions of dollars in tickets directly on StubHub. Baker disclosed this in StubHub's September 2025 SEC filings. StubHub also has an active partnership with Colloquy Capital, an Andro affiliate that bankrolls other mass scalpers operating on the platform.

This arrangement puts the CEO of a "fan marketplace" running a side fund that sells tickets on that marketplace. The structural conflict is clear.

What the Filings Actually Say

StubHub's September 2025 SEC filings list Baker's role at Andro Capital and disclose the Colloquy partnership. CBC News reviewed those filings as part of its investigation. Neither Baker nor StubHub appears to have voluntarily publicized this arrangement. A StubHub spokesperson told CBC the disclosure is "not particularly new information," but most StubHub users buying World Cup tickets in February had no idea the platform's CEO was simultaneously running a ticket-reselling fund that sells on the same site.

Mark Gallagher of Vancouver told CBC he assumed he was buying from another fan when he purchased World Cup tickets on StubHub. "I literally had no idea," he said. "That doesn't seem right to me."

The Fairest Reading of StubHub's Position

The strongest good-faith defense for StubHub and Baker is transparency through disclosure. The Andro Capital arrangement was filed with the SEC, not hidden in a drawer. Resale markets are legal. StubHub is not the primary market; it operates in the secondary market where prices are set by supply and demand, and there is a legitimate argument that professional liquidity providers—yes, scalpers—make more tickets available to buyers who missed the primary sale. Baker could argue that Andro Capital succeeds only if buyers are willing to pay its prices, which is a market function, not fraud.

That argument carries weight on the legal question. It does not resolve the consumer transparency problem.

StubHub markets itself to fans as a peer-to-peer platform. If the CEO's own fund is among the sellers, that framing is incomplete. Consumers making purchasing decisions based on "marketplace for fans" language are not getting an accurate picture of who they are actually buying from.

The Track Record Is Not Clean

This disclosure comes against a backdrop of documented regulatory problems. In April, StubHub paid $10 million to settle a lawsuit with the Federal Trade Commission over charges that the company deceptively advertised its ticket prices. The FTC settlement is a fact, not an allegation.

StubHub also canceled thousands of World Cup ticket orders, leaving buyers like Gallagher empty-handed on game day. That cancellation wave has triggered an investigation by Consumer Protection BC, an investigation by the Texas attorney general, and two proposed class-action lawsuits in the United States, according to CBC News.

The company processed $9.2 billion in ticket transactions in 2025, making it reportedly the largest player in the secondary ticket market.

What This Is and What It Isn't

No criminal charges have been filed against Baker or StubHub related to the Andro Capital arrangement. The SEC filing is a disclosure document, not a finding of wrongdoing.

Baker disclosed a direct financial interest in a fund that sells tickets on his own platform. What remains unproven: whether this arrangement systematically harms consumers or constitutes a legal violation beyond what StubHub has already settled. Whether the system's structure makes that harm provable is a genuine open question. Critics want clearer disclosure requirements, not just buried SEC language.

The Unresolved Question

The Texas attorney general's investigation into StubHub's World Cup cancellations is active. Whether that probe or the two pending class-action lawsuits will surface Baker's Andro Capital role as a relevant legal issue remains to be seen. The FTC already extracted $10 million over deceptive pricing. Investigators now have a new thread to pull.