Professional Sports Franchise Relocation Act of 1983

Professional Sports Franchise Relocation Act of 1983 - Requires any person intending to relocate a professional sports franchise to a location outside of the city or county in which such franchise is presently located to furnish written notification of such intent to relocate to the local governmental authority of its present location.

Prohibits a team's relocation unless the person seeking relocation establishes that: (1) the stadium owner has failed to comply with a materially significant provision of the stadium lease and such failure cannot be remedied within a reasonable period; (2) the stadium from which a team wishes to move is inadequate and the stadium owner shows no intent to correct the inadequacies; or (3) the team has lost money for three years.

Authorizes an affected local government to buy a team, if it is for sale, at fair market value or, if there is already an outstanding offer, at a price equal to the offer.

Prohibits anything in this Act from: (1) affecting any Federal wage, employment, collective bargaining rights, or other conditions of player employment; (2) exempting from the antitrust laws any agreement to fix sport contest admission prices; (3) exempting from the antitrust laws any unlawful predatory practice with respect to competing leagues; or (4) modifying Federal laws relating to the television practices of sports leagues.

Makes this Act applicable to all professional sports franchise relocations occurring after January 1, 1979.