Give Fans a Chance Act of 2011

Give Fans a Chance Act of 2011 - Provides that the existing antitrust exemption for agreements covering the telecasting of sports contests and the combining of professional football leagues shall not apply to a professional sport league for any period during which any member club is: (1) subject to a league requirement, or to an agreement made by two or more member clubs, that forbids any club from transferring an ownership interest to any governmental entity or to members of the general public; or (2) not in compliance with the following provisions of this Act.

Requires a member club that proposes to relocate out of a community in the home territory of that club, or a league that proposes to relocate or eliminate a member club, to furnish notice to all interested parties 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.

Authorizes a local government, stadium, arena authority, person, or any combination thereof, during such notice period, to present a proposal to purchase the club to retain it in the home community. Requires the club and the league, during such period, to give such entities the opportunity to present a proposal to induce the club to remain in its home community. Requires the club owner to reply in writing to any such proposal and to specify the reasons for refusal of any bona fide offer.

Requires the league, before the expiration of such notice period, to make a determination regarding the relocation or elimination of the club, after considering specified criteria, including: (1) the extent to which fan loyalty to and support for the club has been demonstrated; (2) the degree to which club ownership or management has contributed to any circumstances that might demonstrate the need for the relocation or elimination; (3) whether the stadium authority, if public, is opposed to the proposed relocation or elimination; and (4) whether there is a bona fide investor offering fair market value for the club and seeking to retain the club in that community.

Prohibits denying a club membership in a league on the basis that the club is owned by several persons or entities or by one or more local governments.