NEW YORK and NAPLES, Fla., (September 16, 2019) – Gordon Pointe Acquisition Corp. (“GPAQ”) (NASDAQ: GPAQ, GPAQU, GPAQW), a publicly traded special purpose acquisition company, and Hall of Fame Resort & Entertainment Company (“HOFV” or “the Company”) announced today that they have entered into a definitive business combination agreement to create a premier sports, entertainment and media enterprise surrounding the prestigious Pro Football Hall of Fame. The combined entity is poised to capitalize on its unique partnership with the most dominant professional sports brand in the country, allowing for the continued development of an integrated destination resort in Canton, Ohio named the Johnson Controls Hall of Fame Village, and a media program executed by a single platform that unifies live entertainment, experiences, brands and content for some of the most powerful and storied brands in football. The transaction is valued at $390 million.
The terms of the merger agreement provide, among other things, for HOF Village Newco, LLC, a subsidiary of the Company that will hold all of the Company’s operations, to be merged with and into a wholly-owned subsidiary of GPAQ. The Company’s management and equity holders have committed to roll 100% of their equity into the combined entity. Proceeds from GPAQ’s trust account will be used by the Company to repay certain debt and expenses and to fund continued growth of the Company's operations. Immediately following the closing of the proposed transaction, the combined company will change its name to Hall of Fame Resort & Entertainment Company and will trade on the NASDAQ stock exchange under the ticker symbol “HOFV.”
The combined company is creating an immersive, multi-use entertainment-based destination and experience-driven community that extends the Pro Football Hall of Fame’s mission, values and vision and enables consumers to engage with the sport in a variety of innovative and exciting ways. Through its different offerings, the combined company will pursue diversified, sustainable and synergistic revenue streams and maintain multiple avenues for growth. These opportunities include, but are not limited, to the following:
Maximizing the use and productivity of its existing real estate assets, including a world-class 20,000-plus seat sports and entertainment stadium as well as the leading youth football and sports complex in the region;
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- Developing complementary, purpose-built facilities that serve different demographics, including an office, medical and retail center; a central retail promenade; two premium-branded hotels; a convention center/field house; and a technology-enhanced sports-themed indoor waterpark;
- Producing live sporting events and creating compelling, original content derived from its direct access to the Pro Football Hall of Fame’s extensive media library of never-before-seen footage and memorabilia, which the combined company can distribute through multiple mediums to reach and engage broad consumer segments;
- Forming and executing mutually beneficial sponsorships and partnerships with leading brands, such as Johnson Controls, with whom Hall of Fame Resort & Entertainment Co. has formed a long-term naming rights agreement, as well as Constellation. These agreements enable partners to amplify brand affinity and drive new business through enduring connections to passionate audiences that span generations; and
- Driving consumer engagement from recreational and corporate activities including youth football and sports programs, conventions and trade shows.