HOF Village LLC, the company created by the Pro Football Hall of Fame that is currently overseeing the building and operation of the Johnson Controls Hall of Fame Village, is officially announcing Friday it has reached an "agreement in principal" to merge with special purpose acquisition company Gordon Pointe Acquisition Corporation.

According to a press release, the merger has not yet been completed. However, it is expected to bring "additional growth capital to execute the Company's strategic plan and expansion." A press conference was held Friday.

"This is a singular investment opportunity to participate in the popularity and growth of one of the most powerful brands in sports," James J. Dolan, chairman and CEO of GPAQ. "We look forward to working with Mike Crawford and his team at the Hall of Fame Village and the Pro Football Hall of Fame in completing this transaction,"

The first phase of the project (mostly involving renovations to Tom Benson Hall of Fame Stadium) has already been completed, but delays have since hampered construction on additional facilities such as hotels, retail centers, and an amusement park.

The new public entity is expected to include Hall of Fame CEO David Baker as its chairman of the board and Dolan as vice chairman and lead director. In addition, officials have given a timeline for "Phase 2" of the project, with completion expected by the end of 2022.