If you have bought a ticket on StubHub, you probably assumed it came from another fan who could not make the show. A CBC investigation published in July 2026, built entirely on StubHub's own SEC filings, says that assumption is often wrong. The report lays out that StubHub founder and CEO Eric Baker is also the managing partner of Andro Capital, a fund that has resold tickets on StubHub since 2008, and that StubHub has agreements to help finance other large scalpers who sell on the same platform.
The story spread fast because the source is not a leaked memo or an anonymous tip. It is the paperwork StubHub filed with regulators on its way to going public. Here is what those filings actually say, and why so many people are talking about the StubHub CEO mass scalper story right now.
The short version:
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StubHub CEO Eric Baker is the managing partner of Andro Capital, a fund that resells tickets on StubHub.
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StubHub has helped Andro list, price, and fulfill those tickets, and separately agreed to route seller financing through an Andro affiliate called Colloquy Capital.
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All of it was disclosed in StubHub's public SEC filings.
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StubHub's response: This has been fully disclosed, and there is nothing to add.
What do StubHub's SEC filings reveal about its CEO?
StubHub's filings disclose that Eric Baker, the company's founder and CEO, is the managing partner of Andro Capital, a professional ticket reseller that has sold tickets through StubHub since 2008. In plain terms, the person who runs the marketplace also helps run one of the operations selling tickets inside it.
According to the filings, StubHub has helped Andro manage its ticket inventory, list tickets, and fulfill orders on its behalf. The disclosures reached a wide audience through a CBC News investigation published in July 2026, which pulled the details out of StubHub's registration filing with the Securities and Exchange Commission. Nothing was hacked or leaked. It was sitting in a public document.
Who is Eric Baker, and what is Andro Capital?
Eric Baker co-founded StubHub in 2000, went on to build the international resale platform viagogo, and reunited the two when viagogo acquired StubHub. He runs the combined company as CEO. Andro Capital is an investment fund he manages that operates as a professional ticket reseller, and the filings identify him as its managing partner and part-owner.
That is the part that makes people do a double-take. StubHub markets itself as a "marketplace for fans" to buy and sell tickets to each other. The filings show the person at the top of that marketplace is also a large-scale seller on it, through a fund the platform actively helps run. TechCrunch covered his long history in ticketing in a profile ahead of the IPO.
What is Colloquy Capital, and how does StubHub finance other scalpers?
Colloquy Capital is an affiliate of Andro Capital. In 2024, StubHub agreed to refer certain sellers to Colloquy for short-term financing, then send part of those sellers' proceeds straight to Colloquy to repay the loans. The company that runs the marketplace is, in effect, helping bankroll the professional sellers operating on it.
Those loans can be based on a seller's current proceeds or on money they expect to make from future ticket sales on StubHub, as Gizmodo reported. The program grew quickly. By June 2025, Colloquy had claims on $4.8 million in sellers' proceeds, up from just $100,000 at the end of 2024. StubHub also has a separate agreement with Colloquy to help sell and service tickets the firm owns.
How much money is actually involved?
The dollar figures come straight from the filings. StubHub earned about $100,000 in fees from Andro's ticket sales in both 2022 and 2023, and reported no such fees in 2024 or the first half of 2025. At the end of 2022, it owed Andro $4 million in ticket proceeds and related costs, and $100,000 at the end of 2024.
Under a separate arrangement, StubHub paid Andro $1.6 million in 2023 for help selling and servicing tickets owned by a fund Andro manages, and the following year it agreed to cover certain of Andro's ticket-management costs. On the financing side, Colloquy's claims on seller proceeds reached $4.8 million by June 2025. For scale, StubHub facilitated $9.2 billion in ticket transactions in 2025.
How much of ticket resale is driven by mass scalpers?
According to CBC, the industry estimates that mass scalpers are responsible for roughly 70 to 80 percent of sales on global ticket resale sites. A "mass scalper" is not a fan offloading two seats. It is a professional operation buying tickets in bulk, often with bots and software, and relisting them at a markup.
That backdrop is why the disclosures landed the way they did. The resale market is already dominated by professional resellers, and the filings show StubHub's own CEO and the platform's financing arrangements sit inside that world rather than outside of it. Engadget summed it up as StubHub's CEO pouring millions of dollars into the scalping pipeline.
What does StubHub say about it?
StubHub's position is that none of this is new or hidden. A spokesperson gave the same line to several outlets: "This information has been fully disclosed in StubHub's public SEC filings, and we don't have anything to add beyond what is in those filings."
That is a fair point on the narrow question of disclosure. The relationships were laid out in the registration paperwork, which is exactly what securities law requires of a company going public. The debate is not really about whether StubHub hid the arrangement. It is about the conflict of interest that the arrangement creates.
Why is this coming up now?
Timing. The disclosures were always in the filings, but they got fresh attention after StubHub went public and right as the company was already under scrutiny. StubHub went public on the New York Stock Exchange in the fall of 2025 under the ticker STUB. The IPO priced at $23.50, shares closed about 6 percent below that on the first day, and the company was valued north of $7 billion.
The pressure did not stop there. In April 2026, StubHub paid $10 million to settle an FTC lawsuit over deceptively advertised ticket prices. It has also faced a wave of canceled World Cup ticket orders, proposed class-action lawsuits, and an investigation by the Texas attorney general. The scalper disclosures dropped into an already tense moment for the company.
Why does this matter if you just want to buy tickets?
For a regular buyer, the concern is a conflict of interest. When the company that sets the rules of a marketplace also profits from selling inside it, and helps finance the biggest sellers on it, it is fair to ask whose interests the platform is really built around.
The financing piece is the part worth sitting with. Loans tied to expected future ticket sales give professional resellers more firepower to buy up inventory, and that inventory ends up back on StubHub at resale prices. None of it changes the ticket you see on the screen, but it does change how you might read the "marketplace for fans" pitch.
Frequently asked questions
Is the StubHub CEO really a ticket scalper?
Yes. SEC filings disclose that StubHub founder and CEO Eric Baker is the managing partner of Andro Capital, a fund that has resold tickets on StubHub since 2008. A July 2026 CBC investigation brought the disclosures to wide attention.
What is Andro Capital?
Andro Capital is an investment fund managed by Eric Baker that operates as a professional ticket reseller. According to StubHub's filings, StubHub has helped Andro manage inventory, list tickets, and fulfill orders on the platform.
What is Colloquy Capital's role?
Colloquy Capital is an affiliate of Andro Capital. In 2024 StubHub agreed to refer certain sellers to Colloquy for short-term financing, then routes part of those sellers' proceeds back to Colloquy to repay the loans.
Did StubHub break the law?
The relationships were disclosed in StubHub's public SEC filings, which is what securities law requires. StubHub says everything has been fully disclosed. The filings raise questions about conflicts of interest, but the disclosure itself is legal.
How much of ticket resale is driven by mass scalpers?
According to CBC, the industry estimates that mass scalpers account for roughly 70 to 80 percent of sales on global ticket resale sites.
How big is StubHub?
StubHub facilitated $9.2 billion in ticket transactions in 2025 and went public on the New York Stock Exchange in the fall of 2025.
Interested in learning more?
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eBay Auction Policy Update 2026: Final Bids, Seller Protection, and Marketplace Impact
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Final Thoughts
I spend a lot of my week inside resale marketplaces. We sell on Whatnot, I have tested eBay Live, and I move sports cards, so I read these filings with real interest. None of what CBC surfaced looks illegal. It was disclosed, which is the entire purpose of an S-1.
What the filings do is put a number on something ticket buyers have suspected for years. The line between the marketplace and the sellers on it is thinner than the "marketplace for fans" branding suggests. The next ticket you scroll past might be priced by a fan or by a professional fund with a direct line to the company running the site. Now that it is in the public record, that is a hard thing to unsee.
