Hall of Fame Resort & Entertainment Company Completes Acquisition of The Crown League
August 06 2020 - 8:00AM
Business Wire
First league to offer fans access to and
engagement with teams controlled by football and fantasy
legends
Hall of Fame Resort & Entertainment Company (“HOFV” or the
“Company”) (NASDAQ: HOFV, HOFVW), the only resort, entertainment
and media company centered around the power of professional
football and owner of the Hall of Fame Village Powered by Johnson
Controls in Canton, Ohio, today announced the completion of its
acquisition of the controlling interest in The Crown League, the
first ever fantasy football league to have teams assembled and
managed by some of the game’s greatest alongside fantasy football
experts.
With the completion of the transaction, HOFV enters the
high-growth fantasy sports vertical, a market that is expected to
grow to $33.2 billion by 2025.1 This strategic acquisition provides
HOFV with a highly differentiated fantasy football product and
advances its plan to create an integrated and immersive media,
sports and entertainment enterprise that benefits from diverse yet
complementary revenue streams.
“This transaction is representative of the type of integrated
businesses we are working hard and carefully to build,” said
Michael Crawford, President and CEO of HOFV. “Our strategic plan is
supported by strong long-term fundamentals across our different
verticals. The offerings we are creating are being purpose-built to
be mutually beneficial allowing for monetization in a variety of
ways such as sponsorship and content distribution. Introducing a
well-conceived fantasy football league powered by our unique
partnerships within Professional Football creates a new avenue for
sustainable growth in a market that is ripe for disruption.”
Expected to launch in time for the 2021 NFL season, the newly
formed platform will allow fantasy football fans to experience the
game in new and exciting ways. Participants will have the
opportunity to back fantasy teams that are controlled by
professional football legends and fantasy gurus, which will compete
against each other on a national scale. The League will leverage
its access to these personalities to create original content and
enable fans to engage with them over its platform, which is
supported by proprietary technology.
To lay the groundwork for creating and maintaining a highly
engaged community-based league, the platform will begin sharing
details in the coming months about its franchise structure and
brand identities as well as the many ways in which it plans to
engage football fans with a new and unique way to experience
fantasy football.
In conjunction with the closing of the transaction, Mat Sposta,
who cofounded the acquired Crown League and will continue to
oversee its operations to ensure continuity and will continue to
work closely with league cofounder Derek Siskin, who will serve as
the platform’s Chief Creative Officer. The team will also be
supported by an executive management team with an extensive
expertise in growing, activating and monetizing brands.
Mr. Sposta stated, “We look forward to leveraging the world’s
passion for fantasy sports by offering a one-of-a-kind professional
fantasy league. Integrating the Hall of Fame Resort and
Entertainment Company’s direct access to unique content and brand
partnerships into this platform will provide our community with a
deeper appreciation for professional football’s greatest players
and their respective legacies. This partnership will allow us to
launch the platform in a powerful way and provides opportunities to
expand our offering into new verticals while connecting with the
fantasy and sports betting communities in meaningful ways.
Participants do not need to be fantasy experts to be engaged and
enjoy the first professional fantasy league.”
About the Hall of Fame Resort & Entertainment
Company
The Hall of Fame Resort & Entertainment Company (NASDAQ:
HOFV, HOFVW) is a resort and entertainment company leveraging the
power and popularity of professional football and its legendary
players in partnership with the Pro Football Hall of Fame.
Headquartered in Canton, Ohio, the Hall of Fame Resort &
Entertainment Company is the owner of the Hall of Fame Village
Powered by Johnson Controls, a multi-use sports, entertainment and
media destination centered around the Pro Football Hall of Fame's
campus. Additional information on the Company can be found at
www.HOFREco.com.
About The Crown League
The Crown League is a development stage platform expected to be
the first community-based, national professional fantasy football
league. Combining key elements of fantasy sports, esports, and
traditional pro sports, The Crown League is intended to create real
community, a new form of gaming and an innovative sports experience
for the average fan. For more information visit
www.thecrownleague.com.
1 Orbis Research. “Global Fantasy Sports Industry 2014 Market
Research Report.” QY Research, 12 April 2019.
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