The Hall of Fame Resort and Entertainment Company secured the the votes it needs to take the company private Wednesday.
A previous shareholder vote to take the company private failed last week.
In a statement, the company developing the football themed Hall of Fame Village in Canton expressed its gratitude to its board of directors, shareholders and the community for their support.
"While today marks an important milestone, it also represents just one step in our broader process," a spokesperson said in a statement. "We now look forward to working diligently to close the merger over the coming weeks and remain committed to achieving this next goal."
The company, which is a separate entity from the nonprofit Pro Football Hall of Fame, now must close a merger agreement to become a subsidiary of the privately held HOFV Holdings LLC, an affiliate of Industrial Realty Group, a nationwide development and investment firm headed by Stuart Lichter. HOFV Holdings will acquire all outstanding stock, and the Hall of Fame Resort and Entertainment Company will merge with Omaha Merger Sub Inc.
Hall of Fame Resort stock was delisted from the Nasdaq Composite in June.
The move to take the company private was recommended by the board of directors as a way to continue operations despite mounting debt.
The Hall of Fame Village completed construction of phase one, including finishing the Tom Benson Hall of Fame Stadium, upgrading the field and building a domed center for performance, in 2022. It broke ground on phase two, which was to include a hotel, water park and amusement rides in 2023. Construction was halted in 2024 due to financing challenges.
