StubHub CEO Eric Baker is under congressional investigation over his ownership interest in Andro Capital, a ticket broker fund that has sold inventory on the resale platform for more than 15 years.
Rep. Robert Garcia (D-Calif.), ranking member of the House Oversight Committee, sent a letter to Baker raising concerns about potential market manipulation and self-dealing. Baker is a part-owner and managing partner of Andro, which has generated over $5 million in sales on StubHub since 2022, according to the committee. The fund has been active on the marketplace since 2008. Baker’s involvement with Andro was disclosed when StubHub went public last year.
Garcia requested that Baker provide all correspondence related to Andro within his purview as CEO, including any insight into whether the broker receives preferential treatment on the platform. The inquiry comes as multiple U.S. states advance legislation to cap ticket resale prices.
“Reports suggest that you have financed and profited from the very scalpers that are locking fans out of affordable ticket sales, and that you are further ripping off consumers and smaller sellers by giving yourself preferential treatment on the StubHub platform,” Garcia wrote. “Oversight Democrats are investigating whether you manipulated markets for your own benefit, while Americans are left paying higher costs in an unfair system.”
In response, a StubHub spokesperson said: “Eric’s investment in Andro Capital has been disclosed publicly. Andro Capital is a separate company and is one of many vendors we use. StubHub, like many companies, works with vendors to provide additional services for their customers, allowing the StubHub team to focus on its core business. This relationship with Andro Capital makes up only a small fraction of StubHub’s total revenue.”
