Professional Sports Franchise Stabilization Act of 1992

Professional Sports Franchise Stabilization Act of 1992 - Makes it unlawful for a professional sports franchise that plays its home games in the jurisdiction of a governmental authority to relocate unless: (1) the owner of the franchise notifies such authority of its intention to relocate and negotiates in good faith to avoid such relocation; (2) one or more of the other parties to the stadium lease agreement fails to comply with a material provision of the agreement and such noncompliance cannot be remedied within a reasonable period of time, or the stadium is inadequate for properly operating the franchise and stadium authorities demonstrate no intent to remedy such inadequacies, or such franchise incurs an annual net loss for at least three consecutive years before relocation or incurs losses that endanger the financial viability of it; and (3) in the case where the owner intends to sell the franchise, or to relocate it, he makes a good faith offer to sell it to the governmental authority from which it is to be relocated at fair market value, and such authority chooses not to accept such offer.

Authorizes any governmental authority from which a professional sports franchise relocates or seeks to relocate to bring a civil action to prevent such relocation, plus other equitable relief and damages.