Democrat Robert Garcia, the Ranking Member of the US House Committee on Oversight and Government Reform, has escalated his investigation into StubHub CEO Eric Baker’s ties to ticket reseller Andro Capital Management.
Garcia sent a letter to Baker on Thursday (October 22), pressing him for answers and addressing him as Andro Capital’s Managing Director.
Garcia’s first letter, sent on July 24, was addressed to Baker in his capacity as StubHub’s CEO.
Oversight Committee Democrats said the new letter follows allegations that Andro Capital buys tickets in bulk and resells them on StubHub, earning millions of dollars from the platform.
“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 Garcia.
“This apparent conflict of interest and potential grift is unacceptable. We are demanding answers,” he added.
“Eric Baker appears to be using his positions at Andro Capital and StubHub to profit, potentially at the expense of customers, fans, and artists.”
Robert Garcia, US Representative
In the letter, Garcia wrote: “Oversight Committee Democrats remain concerned with the fact that exorbitant ticket prices too often mean that attending a favorite concert, sports game, or event is too expensive for many Americans. Everyday consumers must compete against sophisticated scalpers who buy up tickets to resell them on third-party websites for a quick profit.
“Andro Capital Management (Andro Capital) is one of these bulk ticket purchasers, and your dual role as Managing Director of Andro Capital while also serving as Chief Executive Officer of the ticket resale platform StubHub raises concerns of preferential treatment, abusive practices, and bad deals for concertgoers, sports enthusiasts, artists, and fans.
“As reported in StubHub’s securities filings, Andro Capital maintains a related party relationship with StubHub beyond that of an ordinary ticket broker. I request information about the role that Andro Capital plays in the ticket market and how the relationship between Andro Capital and StubHub may unfairly raise costs for consumers and limit profits for artists.”
Citing US Securities and Exchange Commission (SEC) filings, the letter states that Baker is a partial owner and Managing Director of Andro Capital, which it describes as “a hedge fund that has related party transactions with StubHub Inc.”
According to the letter, Andro Capital has traded tickets on StubHub since 2008, “racking up millions in payments from StubHub.” It points to a USD $100,000 outstanding payment owed to Andro, which StubHub has described as proceeds from tickets Andro had sold on the platform.
StubHub reported that balance at the end of 2025 and again as of March 31 this year. Its latest quarterly report, covering the three months ended June 30, shows nothing due to Andro.
Garcia also quotes StubHub’s filings, which say Andro “has engaged [StubHub] to list, price and fulfill its tickets on its behalf.”
He adds that in April 2024, StubHub “agreed to cover certain costs incurred by Andro in connection with ticket management services.”
Next, the letter turns to StubHub’s relationship with an Andro affiliate, Colloquy Capital LLC, to which StubHub refers sellers for financing.
“The financial ties between Andro Capital, its affiliate Colloquy Capital, and StubHub – and your personal connection to all three of these companies – raise concerns that Andro Capital or its affiliates could be receiving favorable placement or other advantages in the resale market at the expense of buyers and sellers of smaller numbers of tickets,” wrote Garcia.
Beyond the financing referrals, StubHub also has a services arrangement with Colloquy. Under an earlier agreement that ran from March to November 2025, StubHub helped sell and service Colloquy-owned tickets in return for a percentage-based fee.
The two companies signed a new services agreement on June 25, on terms StubHub describes as substantially similar. StubHub said it earned USD $0.6 million in fees associated with the agreement in the quarter ended June 30.
StubHub’s latest quarterly report also shows USD $3.5 million due to Colloquy as of June 30, up from USD $0.8 million at the end of 2025. That balance covers proceeds from Colloquy-owned tickets sold under the services agreements, plus an agreed share of financed sellers’ proceeds, which StubHub passes on as those sellers’ payment for the financing.
Over the same period, Colloquy’s security interest in sellers’ ticket proceeds rose to USD $10.8 million from USD $7.9 million.
The letter makes eight numbered requests for information and documents.
Garcia asks Baker to detail his ownership stakes in Andro Capital, Colloquy Capital, and any other company that has a financial relationship with StubHub, and to list all entities and funds affiliated with Andro.
Baker is also asked to describe the role that Andro and its affiliates, such as Colloquy, play in the secondary ticket market, from bulk buying and financing to resale on platforms like StubHub. The request extends to how Andro makes information about that role available to the public.
Garcia wants a detailed description of the “cash flow, financing agreements, fees, and related services exchanged between Andro Capital and StubHub,” including outstanding balances StubHub has referenced in relation to the April 2024 agreement.
One request covers any “specialized interfaces, memberships, or fee structures” between Andro and StubHub or any other ticket sales platform, including application programming interfaces and information feeds. Another asks for a list of every internet domain Andro currently maintains.
A further request seeks all documents and communications between Andro Capital, StubHub, and Colloquy Capital relating to the purchase, financing, listing, or sale of tickets, whether on StubHub or any other resale platform.
Finally, Garcia requests Andro Capital’s registration documents with the SEC, including its Form ADV, or the reason it is exempt from filing one.
Baker has until November 5 to respond. As the minority party on the committee, Democrats cannot compel a response, though that could change next year if they win control of the House in the November 3 midterms.
The letter was copied to the committee’s Chairman, Republican James Comer.
Garcia’s July 24 letter made nine requests, including details of StubHub’s listing, pricing, and fulfillment practices for Andro, and set a deadline of August 6 for responses.
Neither the new letter nor the accompanying press release from Oversight Committee Democrats says whether StubHub responded to that letter. MBW has asked StubHub whether it did, and for comment on the new letter.
Asked about the new letter, StubHub declined to comment to TicketNews, pointing instead to the statement it issued after Garcia’s first letter.
When the July letter was sent, a StubHub spokesperson told MBW: “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.”
Baker’s stake in Andro Capital came under scrutiny after a CBC News investigation, published on July 10, drew on StubHub’s SEC filings to report on the arrangement.
On July 13, New York ticket buyer Louis Sanquini filed a proposed class action against StubHub and Baker in the US District Court for the Southern District of New York.
The suit alleges that StubHub deceived buyers by marketing itself as a neutral “marketplace for fans to buy and sell tickets” while its CEO held a stake in Andro.
On September 14, Judge Jed S. Rakoff sent the case to private arbitration and paused the court proceedings.
The judge did not rule on the merits of Sanquini’s allegations, which have not been tested in court.
Baker co-founded StubHub in 2000 and later founded viagogo, which bought StubHub from eBay in 2020. The combined company operates its marketplace through the StubHub brand in North America and the viagogo brand internationally.
The company filed for an IPO in March 2025 and listed on the New York Stock Exchange that September, pricing its shares at USD $23.50 each.Music Business Worldwide
