More: Highway 77 Music Festival postponed because of COVID-19 concerns
Wednesday's announcements won't change Hall of Fame Resort's business plans, Crawford wrote in the letter.
“I want to assure all of our guests, fans, and investors that our goals remain the same,” Crawford's letter states.
Hall of Fame Resort is the company formed in 2020 to build the Hall of
The village, media development and gaming that includes a fantasy football league are Hall of Fame Resort's three business areas. The village is in the midst of a
Construction of the
Hall of Fame Resort expects it will need
The prospectus filed with the
Currently the company has publicly traded stock and warrants. The prospectus lists common and preferred stock, warrants, debt securities and units as possible options to generate the
In the shareholder letter, Crawford wrote filing the prospectus is a “standard practice to allow the company the opportunity to access capital markets at a more balanced pace.” New securities will be issued when market demand and pricing targets make sense, according to the letter.
In a separate
The restructured loan also clears the way for the company to work with the
In the shareholders letter, Crawford wrote “the move is consistent with our broader debt financing strategy” discussed in early August on a conference call following release of second quarter financial results. During the call Crawford said the company already had term sheets in place on loans to cover costs of Phase 2 construction.
Crawford reiterated that the company is trying to make the right decisions when it borrows, as opposed to making quick decisions.
The company plans to generate revenue with events such as the Highway 77 Music Festival, so the decision to postpone was difficult, Crawford said.
The company cited rising cases of COVID-19 in
While other venues continue to have events, Crawford said, “ticket sales for a multi-act, full-day festival have been impacted by the pandemic.”
The company intends to continue smaller events at the stadium and the sports fields that are part of the complex. This weekend the
Also coming will be the
On Friday, Hall of Fame Resort and the the
“We will continue to look for additional events and entertainment to offer our guests this year in a reasonably safe and controlled environment, and look forward to hosting multiple bigger concerts and festivals next year,” according to the shareholder letter.
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