On May 8, 2025, Hall of Fame Resort & Entertainment Company announced it has entered into a definitive merger agreement to be acquired by HOFV Holdings, LLC, an investment vehicle affiliated with Industrial Realty Group, LLC (IRG). Upon completion, the company will become privately held.
Under the terms of the agreement, the Investor will acquire all outstanding shares of the Company's common stock not currently owned by IRG and its affiliates for $0.90 per share in cash. This agreement was unanimously approved and recommended by a Special Committee of independent directors and subsequently approved by the Company's Board.
The transaction is subject to several conditions, including the Investor's receipt of $20 million in financing, prior or concurrent consummation of a Lease Restructuring for the waterpark, hotel, and stadium properties, and prior or concurrent consummation of additional project level financing of at least $125 million. This move is intended to simplify the company's capital structure and provide long-term stability, addressing critical liquidity challenges.
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