Give Fans a Chance Act of 1997

Give Fans a Chance Act of 1997 - Limits the antitrust exemption applicable to broadcasting agreements made by professional sports leagues. Makes such exemption inapplicable to a league for any period during which any member club is: (1) subject to such league's requirement, or to an agreement made by two or more member clubs, that forbids any of such clubs to transfer an ownership interest in such club to any governmental entity or to members of the general public; or (2) not in compliance with the following requirements.

Requires a member club or a league to furnish notice of a proposed relocation of a club out of a community in the club's home territory not later than 180 days before the commencement of the season in which the club is to play home games in the proposed new location, subject to specified requirements. Specifies that, during the 180-day notice period: (1) a local government, stadium, arena authority, person, or any combination thereof may prepare and present a proposal to purchase the club to retain the club in the home community (prohibits the league, if such bid is successful, from barring the club's membership in the league because it is owned by several persons or entities or by one or more local governments); and (2) the club and the league shall give a local government, stadium authority, person, or any combination thereof the opportunity to prepare and present a proposal to induce the club to remain in its home community (requires the response of the club owner to meet specified requirements).

Directs the league to make a determination, before the expiration of the 180-day notice period, with respect to the relocation. Sets forth provisions regarding hearings and consideration of proposals.

Sets forth criteria for relocation decisions, including the extent to which fan loyalty to and support for the club has been demonstrated during the club's operation in such community.