Gordon Pointe Acquisition Corp. Enters into a Merger Agreement with HOF Village, LLC in Canton, Ohio
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 HOF Village, LLC (“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;
- 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 HOF Village, LLC 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.
About Johnson Controls Hall of Fame Village
Hall of Fame Village, LLC is the partnership between the Pro Football Hall of Fame and Industrial Realty Group (IRG) to create a mixed-use development located in a 200-acre tourism development district in Canton, Ohio. Johnson Controls, through a historic naming rights partnership, now has its name on what is well on its way to being not only the first “smart” city but also the first IRG development project of its kind.
This once-in-a-lifetime project, led by HOF Village LLC as advised by M. Klein & Company, aligns with Hall of Fame’s Mission, Values and Vision and its standing as “The Most Inspiring Place on Earth!” for all those who will play the Game, played the Game and love the Game. The foundation for a wide-ranging array of programming will be the Hall’s five core values – commitment, integrity, courage, respect and excellence – that can be learned from the Game.
Johnson Controls Hall of Fame Village will be a top destination for all, not just football fans, from across the world. The Hall of Fame Museum will serve as the heart of Johnson Controls Hall of Fame Village surrounded by the varied components being built around it. In total, there will be ten additional components that will shape the landscape of George Halas Drive.
One of the major components include the new Tom Benson Hall of Fame Stadium for sports and entertainment that holds 23,000. This spectacular venue is home to not only the three major events of the Enshrinement Week Powered by Johnson Controls (Hall of Fame Game, Enshrinement and Concert for Legends) but also the football programs of Canton McKinley High School, Walsh University, and the Ohio High School Athletic Association State Championship football game in the fall of 2018. In addition Tom Benson Hall of Fame Stadium will host the NCAA Division III National Football Championships in 2020 and 2021 and the Ohio High School Athletic Assocation State Championship football game again in the fall of 2019. In addition, it serves as an elite concert venue.
Rounding out the components will be the The Performance Center; the Black College Football Hall of Fame, The Constellation Center of EXCELLENCE; Hotel & Conference Center; Player Care Center; National Youth Football & Sports Complex, Hall of Fame Promenade (premier retail/residential); and the Hall of Fame Experience and Waterpark.
"I can’t imagine a better teammate than Johnson Controls. They are a world-class company of character, virtue and integrity specializing in state-of-the art technology and innovative solutions that can help every fan live a 'Hall of Fame Life!' Johnson Controls represents all the excellence for which the Hall of Fame stands."
President & CEO, Pro Football Hall of Fame
"The vision and reach is greater than we ever could have imagined. The village is creating exciting, immersive experiences that bring people together in a way that has never been done before"
President and Chairman of the Board of IRG, Master Developer for the Village
The Ten Main Components to Johnson Controls Hall of Fame Village
Hall Of Fame Museum
Since opening in 1963, the Museum has successfully transformed its original 19,000 square feet into an exciting, internationally recognized institution and travel destination.
The “Future 50” Expansion & Renovation Project which was completed in 2013 at a cost of $27 million dollars expanded the museum to 118,000 square feet.
A Game of Life
The Museum continues to journey into the future with the unveiling of its state-of-the-art technology spectacular “A Game for Life” immersive holographic theater which opened in July, 2016.
Tom Benson Hall Of Fame Stadium
Starting with the infrastructure to support current and future enabling technologies our network of fiber and copper data cabling is extremely robust. All facets of HVAC, Fire & Safety, Lighting and Technology will be state-of-the art and provide fans a safe and seamless experience.
Game Changing Stadiums
20,000-seat stadium profiled by Forbes as one of the "13 Game-Changing NFL Stadiums" will have a permanent stage and added luxuries such as cabanas, rooftop observation deck, VIP loges and over 28,000 square feet of premium event space with unique catering options.
Tom Benson Hall of Fame Stadium was dedicated on Aug. 3, 2017.
National Youth Football & Sports Complex
Advanced Turf Fields
Eight advanced turf fields that will be multi-purposed, lighted and equipped with the latest technology and video capabilities.
World Class Amenity Sports Complex
The sports complex will include full world-class amenities, a football-sized concourse area and a championship field with 3,000 seats. All fields can accommodate a multitude of sports including football, lacrosse, rugby, and soccer.
Hotel and Conference Center
One of a Kind Hotel
A spectacular, one-of-a-kind 243-room football-themed, upscale hotel.
Large Conference Center
25,000 square-feet of conference and meeting space.
Hall of Fame Experience and Waterpark
An interactive and immersive virtual reality experience that places fans not only AT the game but IN the Game!
The indoor amusement park for football will also feature a football-themed waterpark that will be a must-see for all families
Constellation Center for Excellence
A Coaches University, an Institute for the Integrity of Officiating and an Academy of Corporate Excellence
Large Office Space
125,000 square-foot medical/office building
The Center for Performance
100-yard football field and a configuration for a basketball arena that will hold 5,000
80,000 square feet of flat convention space
Player Care Center
Providing a wide range of sports related health care including testing and rehabilitation
LEGENDS LANDING, a football-themed independent and assisted living active senior care facility for retired Hall of Famers and members of the NFL’s Legends Community along with coaches, officials and administrators
Hall of Fame Promenade
Unique offering of restaurants and retail
World's Greatest Sports Bar
“World's Greatest Sports Bar” along with office and residential support
Black College Football Hall Of Fame
A permanent home to share the history and stories of the greatest Historically Black Colleges & Universities (HBCU) football players, coaches, and contributors
Future BCHOF/HBCU Classic at Tom Benson Hall of Fame Stadium
Annual induction held at Johnson Controls Hall of Fame Village
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