Professional Sports Team Community Protection Act

Professional Sports Team Community Protection Act - Prohibits the relocation of a professional sports team, except in accordance with the provisions of this Act. Sets forth definitions. Defines the terms: (1) "person" to mean any individual, partnership, corporation, or any unincorporated association, or any combination or association thereof; and (2) "professional sports team" or "team" to mean any group of professional athletes organized to play major league baseball, basketball, football, hockey, or soccer which has been engaged in competition in such sport for more than five years.

States that the grounds for relocation specified in clause (1) or (2) of this paragraph must be met in any case where a person other than a professional sports team seeking relocation owns the stadium in which the team plays. States that the grounds for relocation specified in clause (2) of this paragraph must be met in any case where the professional sports team seeking relocation owns the stadium in which the team plays. Sets forth the following as grounds for relocation: (1) the stadium is manifestly inadequate for the purposes of properly and competitively operating the team, the stadium authority demonstrates no intent to remedy the deficiency of the stadium within a reasonable period of time, and other sports facilities in the same territory have not been made available by appropriate governmental authorities for use by the professional sports team; and (2) the team has incurred net operating losses which are a significant danger to the continued existence of the team and the team's attendance records have fallen below specified levels.

Requires any person wishing to relocate a professional sports team to a metropolitan location other than its current location to: (1) furnish written notice of the relocation to the relevant league and present municipality at least eight months before the proposed relocation; and (2) offer the team for sale at fair market value to other persons who would continue to locate such team in its present location. Requires any owner of a team receiving a bona fide offer to purchase the team which, if accepted, would result in a relocation to provide notice of the offer and intent to sell eight months prior to the sale.

Establishes from time to time a Professional Sports Team Relocation Arbitration Board to be composed of three members. Provides that one member shall be appointed by the owner of the team seeking relocation, one member shall be appointed by the governmental authority regulating the operation of the team's stadium, and one member shall be appointed by the Secretary of Commerce. Requires all notices of relocation or offers of sale regarding a team to be referred to the Board. Requires the Board, within seven months of the Board's establishment, to determine if any such offers of sale would ensure that the team would remain in its current location, and are equal to or greater in value than the value of the relocation. Directs the Board to determine if the team meets any of the grounds for relocation specified in this Act. Prohibits the Board from approving any relocation if an offer of equal or greater value is received which will keep the team in its present location. Prohibits a team owner from selling or relocating without a written commitment from any purchaser to keep the team in its present location, if the Board determines that: (1) any offer for sale or relocation notice which has been received regarding a team equals or exceeds the value of the original offer or petition for relocation; or (2) none of the grounds for relocation specified in this Act have been met. States that the provisions of this paragraph shall not apply to any notice for relocation or offer of sale regarding any team if, within six months after establishment of the Board: (1) the Board has not received any offer to purchase such team which would ensure that the team would remain in its present location; and (2) the Board has not received any objection to the relocation from any appropriate governmental authority.

Permits any governmental entity in a metropolitan area from which a professional sports team relocates to bring a civil action on the grounds that the relocation did not comply with the provisions of this Act.

Authorizes funds to be appropriated to the Secretary of Commerce.