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- Hall of Fame Resort & Entertainment Co. has introduced monetary cuts and a employees restructuring.
- President and CEO Michael Crawford agreed to take a $50,000 annual pay lower for the following 4 years.
- Michael Levy, president of operations on the Hall of Fame Village, is leaving the corporate May 5.
CANTON – Hall of Fame Resort & Entertainment Co. President and CEO Michael Crawford has agreed to take a $50,000 annual pay lower for the following 4 years as a part of a restructuring and employees cuts.
Crawford outlined the modifications in a letter last week to shareholders, writing “we are evaluating how we can be efficient and responsible with shareholder dollars and the current staffing changes will result in significant labor savings.”
Michael Levy, president of operations on the Hall of Fame Village, the football-themed leisure attraction being constructed across the Pro Football Hall of Fame, additionally will go away the corporate efficient May 5, in keeping with a notice filed with the U.S. Securities and Exchange Commission. The letter and SEC submitting did not title different staff affected.
“Given the current uncertainty in the macroeconomic environment, we decided as a leadership team to proactively make changes to allow us to build upon the company’s progress and continued transformation as a world-class sports and entertainment destination, as well as a media and gaming company,” Crawford wrote.
His base wage will probably be $900,000 this 12 months and $925,000 subsequent 12 months, in keeping with the SEC submitting. His wage hasn’t been decided for 2024 or 2025.
The monetary cuts come about 9 months after the city of Canton and Stark County commissioners every agreed to supply $5 million loans to Hall of Fame Resort for infrastructure enhancements. They additionally come after the long-anticipated vacation spot has appeared to assemble momentum.
Don Shula’s American Kitchen and a large Ferris wheel-style journey have opened on the property. The Hall of Fame Village additionally nabbed residence video games for the USFL’s Pittsburgh Maulers and New Jersey Generals this season, and hosted video games Sunday at Tom Benson Hall of Fame Stadium. It additionally has introduced a comedy present with celebrity Kevin Hart on May 18.
Hall of Fame Resort additionally acquired permission from shareholders to conduct a stock split last year as a result of it was in jeopardy of getting its inventory delisted by Nasdaq. The inventory trade has a coverage of delisting or eradicating any inventory priced at lower than $1 for an prolonged time period. The Hall of Fame Village inventory had been below $1 a share for a lot of final 12 months.
The stock was trading at $8.34 Monday afternoon.
This story will probably be up to date.
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