4 months ago
The National Football Federation will be paid a $1 million fee if Atlanta fails to get the College Football Hall of Fame up and running.
A document detailing the deal was released Wednesday and shows Peach Bowl Inc. would pay the "break up" fee if organizers fail to raise the $50 million needed to build the attraction or can't find a site.
Peach Bowl Inc. is the parent company of the Chick-fil-A Bowl.
The Atlanta Journal-Constitution reported details of the deal.
The federation will get 3 percent of tickets sales and play an active role in the design of the 50,000-square-foot building.
The 30-year agreement allows Atlanta to extend the hall's stay by five-year increments.
The 20-page letter of intent also stated that a new nonprofit organization will be created to oversee operations of the hall.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
