Josh Harris and David Blitzer entered into a Membership Interest Purchase Agreement to acquire 80% stake in ForeverLawn Sports Complex from Hall of Fame Resort & Entertainment Company (NasdaqCM:HOFV) for $10 million on December 22, 2023. Under the Purchase Agreement, the buyer will hold back $1.5 million of the Purchase Price (the ?Holdback Amount?) to secure certain indemnification obligations of the Company and HOF Village, which holdback will be released to Seller in three $500,000 increments at 6, 12 and 18 months after the closing date of the Transaction (the ?Closing?), subject to post-Closing adjustment of the Purchase Price and any indemnification claims pursuant to the Purchase Agreement. The closing of the Transaction is subject to customary closing conditions, including release of a leasehold mortgage on the ForeverLawn Sports Complex land, and is expected to occur in January 2024.
Hall of Fame Resort & Entertainment Company
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HOFV
US40619L2016
Hotels, Motels & Cruise Lines
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- Josh Harris and David Blitzer entered into a Membership Interest Purchase Agreement to acquire 80% stake in ForeverLawn Sports Complex from Hall of Fame Resort & Entertainment Company for $10 million.