Sports Franchise Relocation Act

Sports Franchise Relocation Act - Prohibits any person or league from changing the assigned territory of any professional sports team by 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 intention to remedy such inadequacies; and (3) the team has incurred a continuous loss of income for the preceding three years.

Requires any person wishing to relocate a professional sports team to furnish notice to the league and to the appropriate Government authority at least one year before such relocation may be approved. Directs such person, upon the request of either the league or Government authority, to open its financial records to public inspection. Authorizes such relocation if: (1) within one year of such notice, such Government authority 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.

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 relocation.

Amends the Act of September 30, 1961 (Telecasting of Professional Sports) to condition the current exemption from the Federal 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.