Hall of Fame Resort & Entertainment Company (HOFV) entered a merger agreement on May 8, 2025, to be taken private by Industrial Realty Group, LLC, in an all-cash deal valued at $325.81 million.
Under the terms of the agreement, HOFV Holdings, LLC, an investment vehicle affiliated with Industrial Realty Group, will acquire all outstanding shares of Hall of Fame’s common stock, not currently owned by Industrial Realty and its affiliates, for $0.90 per share in cash, representing a premium of 28.57% from the stock’s last close.
Hall of Fame is a resort and entertainment company that owns and operates the Hall of Fame Village, a premier sports, entertainment, and media destination built around the Pro Football Hall of Fame in Canton, Ohio.
Industrial Realty (IRG) is a privately held, nationwide real estate development and investment firm specializing in the acquisition, development, and management of commercial and industrial properties across the United States. With a portfolio exceeding 100 million square feet across more than 150 projects in 31 states, IRG is nationally recognized for its expertise in adaptive reuse, transforming obsolete or environmentally challenged sites, including former military bases and Superfund locations, into productive assets.
In October of last year, Industrial Realty offered to acquire Hall of Fame at $1.98 per share. The stock was trading at $1.86 before that offer.
Hall of Fame also entered a letter of intent with the investor that owns the waterpark property to establish a new lease agreement. The proposed lease will cover not only the waterpark property but, following certain real estate transfers, will also include the on-site hotel and stadium properties. The parties are currently finalizing the definitive terms of the Lease Restructuring.
The deal is also conditioned on HOFV Holdings securing $20 million in financing, the completion of the Lease Restructuring, the completion of additional project-level financing totaling at least $125 million, and the receipt of certain third-party consents. As part of the broader transaction, Hall of Fame also anticipates entering into a sale and leaseback arrangement with Industrial Realty involving properties that are not included in the Lease Restructuring.
Hall of Fame was advised for the merger by Wedbush Securities as financial advisor and Hunton Andrews Kurth as legal counsel. Industrial Realty received financial advisory services from Brown Gibbons Lang and legal counsel from Bryan Cave Leighton Paisner.
Industrial Realty is acquiring Hall of Fame at 0.26 times its sales.
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Editor’s Note: Baranjot Kaur contributed to this article