SPURS Act

[AI summary unavailable — showing source text] Strengthening Public Undertakings for Retaining Sports Act or the SPURS Act This bill establishes requirements and conditions with respect to the relocation of professional sports teams. A professional team may not relocate unless specified conditions apply, including that a party to the stadium or arena lease agreement (other than the team) has failed to comply with a provision of material significance and the failure to comply cannot be remedied within a reasonable period; the stadium or arena in which the team plays regular season and playoff home games is inadequate and the entity that owns or operates the stadium or arena has failed to demonstrate intent to remedy the inadequacy within a reasonable period; the team has incurred an annual net loss for not fewer than five years prior to the proposed relocation; and the government authority that is party to the agreement has not made a formal objection to the proposed relocation within a specified period. The bill sets forth requirements for (1) petition for relocation and for government review; and (2) reimbursement to state and local government for the value of financial assistance received, with an exception. The bill grants a…