Title I: Adjustment of Broadcasting Revenues - Amends the Act of September 30, 1961 (Telecasting of Professional Sports) to condition the current exemption from the antitrust laws of joint agreements covering telecasting of sports contests on the equal sharing of all revenues earned under such agreements by the member clubs which are parties. Extends such exemption to all "broadcasting," including radio and cable television, instead of "telecasting" as currently provided.
Title II: Professional Sports Team Mobility - Prohibits any person or league to change the assigned territory of any professional sports team by any territorial agreement unless: (1) any party to a stadium lease agreement materially fails to comply with the provisions of such lease; (2) the stadium in which such team plays is inadequate, and the stadium authorities demonstrate no intent to remedy such inadequacies; and (3) the team has incurred a continuous loss of income for the three years preceding its intent to move.
Requires any person wishing to relocate a professional sports team to furnish notice of such intent to the league and to the appropriate municipality at least one year before such relocation may be approved. Directs such person, upon the request of either the league or the municipality, to open its financial records to public inspection to support or refute its grounds for relocation. Authorizes such relocation if: (1) within one year of such notice, the municipality has made no formal objection; or (2) the league approves such relocation and within one year of such approval, an arbitrator finds that the team has met the conditions for relocation provided under this Act.
Requires any person petitioning for relocation by virtue of loss of income to offer their team for sale at fair market value, for a reasonable time, to other persons who would keep such team within its present geographic location.
Sets forth arbitration procedures for any party to petitions for the relocation of professional sports teams as provided by this Act.
Introduced in Senate
Referred to Senate Committee on Commerce, Science, and Transportation.
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