,,ii #aai? ,,congress #b;d ,session ,s4 #debb ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,may #ac1 #bjbf,mr4 ,murphy 7= himself & ,mr4 ,book]7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to prohibit vulture inve/ors f inve/+ 9 y\? sports1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,let ,kids ,play ,act4 #b4 ,def9itions ,9 ?is ,act3 7#a7 ,acquir$ entity ,! t]m acquir$ entity means any company or organization 9 :i* a cov]$ firm1 directly or indirectly1 holds an own]%ip int]e/1 ma9ta9s a managem5t or op]ational control agreem5t1 or ex]cises control4 7#b7 ,affiliate ,! t]m affiliate means an entity t controls1 is controll$ by1 or is "u common control ) ano!r entity4 7#c7 ,assi/ant ,attorney ,g5]al ,! t]m ,assi/ant ,attorney ,g5]al means ! ,assi/ant ,attorney ,g5]al = ! ,antitru/ ,division ( ! ,unit$ ,/ates ,dep>tm5t ( ,ju/ice4 7#d7 ,capital di/ribution ,! t]m capital di/ribution means-- 7,a7 a ca% or %>e divid5d2 7,b7 a %>e repur*ase2 7,c7 a %>e r$emption2 or 7,d7 a %>e buyback4 7#e7 ,commission ,! t]m ,commission means ! ,f$]al ,trade ,commission4 7#f7 ,company ,! t]m company has ! mean+ giv5 ! t]m 9 section #b ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#b74 7#g7 ,control ,! t]m control has ! mean+ giv5 ! t]m 9 section #b ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#b74 7#h7 ,cov]$ firm ,! t]m cov]$ firm means-- 7,a7 a private equity fund2 or 7,b7 a company t is own$ or controll$ by a private equity fund4 7#i7 ,inve/ ,! t]m inve/ means to own1 op]ate1 control1 manage1 or o!rwise direct ! op]ation ( ! :ole or any "p ( an entity or facility1 includ+ by ent]+ into a managem5t agreem5t or op]ational control agreem5t ) an entity or facility4 7#aj7 ,op]ational control agreem5t ,! t]m op]ational control agreem5t means any =mal or in=mal contract1 agreem5t1 or und]/&+1 :e!r writt5 or oral 7includ+ a limit$ p>tn]%ip agreem5t1 side lett]1 or any agreem5t betwe5 or among inve/ors7 ?r\gh :i* a cov]$ firm obta9s ! au?ority to influ5ce or det]m9e key op]ational decisions ( a y\? sports facility1 or :]e su* au?ority is contractually delegat$ to ! private equity fund by o!r inve/ors or p>ties1 includ+ decisions relat+ to-- 7,a7 /aff+ & p]sonnel2 7,b7 s*$ul+ & programm+2 7,c7 budget+ & f9ancial managem5t2 7,d7 use & ma9t5ance ( a?letic facilities2 or 7,e7 t]ms ( p>ticipation or memb]%ip4 7#aa7 ,private equity fund ,! t]m private equity fund means a p]son :o-- 7,a7 w\ld be an inve/m5t company1 z def9$ 9 ! ,inve/m5t ,company ,act ( #aidj1 b = p>agraphs 7#a7 or 7#g7 ( section #c7;c7 ( t ,act 7#ae ,u4,s4,c4 #hj;a-#c72 & 7,b7 directly1 or ?r\gh an affiliate1 ex]cises control ( su* company4 7#ab7 ,vulture inve/or ,! t]m vulture inve/or means any cov]$ firm t-- 7,a7 engages1 or has previ\sly engag$1 9 vulture practices ) respect to an entity t 0 an acquir$ entity at ! "t ( su* engagem5t2 or 7,b7 has _h #b or m acquir$ entities become f9ancially insolv5t or ent] bankruptcy proce$+s )9 #e ye>s ( acquisition4 7#ac7 ,vulture practice ,! t]m vulture practice means any practice1 t]m1 condition1 tactic1 in/rum5t1 me?od1 or act t causes h>m or creates long-t]m risk ( h>m to an acquir$ entity 9 ord] to extract pr(it1 assets1 or o!r value = ! b5efit ( a cov]$ firm or its affiliates1 includ+-- 7,a7 impos+ any debt on an acquir$ entity to g5]ate pr(it1 f9ance ! acquisition or o!r bus9ess activity1 or o!rwise create value = a cov]$ firm2 7,b7 transf]r+ to a cov]$ firm ! own]%ip or control ( an acquir$ entity's assets or rights to ! intellectual prop]ty or data g5]at$ by an acquir$ entity2 7,c7 %ield+ a cov]$ firm f liability = legal infractions or f9ancial obligations x b5efits f or directly or indirectly causes2 7,d7 employ+ roll-up /rategies ?r\gh s]ial acquisitions or inve/m5ts to consolidate control ov] local provid]s1 includ+ by acquir+1 controll+1 manag+1 f9anc+1 advis+1 or ex]cis+ gov]nance rights2 7,e7 conv]t+ an acquir$ entity into a high-risk1 high-m>g9 bus9ess by increas+ prices1 add+ junk fees1 r$uc+ quality or safety1 cutt+ jobs1 wages1 or b5efits1 or o!rwise degrad+ op]ations to maximize pr(it2 7,f7 impos+ op]ational co/s on an acquir$ entity su* z managem5t fees1 leases = seiz$ assets1 capital di/ribution1 or o!r burd5some or unnecess>y *>ges2 or 7,g7 impos+ "o-sid$ t]ms on an acquir$ entity1 or its cu/om]s1 work]s1 cli5ts1 buy]s1 or o!rs t lock !m into exclusive deal+s ) entities controll$ by ! cov]$ firm1 or t o!rwise exploit or re/rict *oice4 7#ad7 ,y\? sports ,! t]m y\? sports means any organization1 asset1 s]vice1 or activity associat$ ) organiz$ a?letic p>ticipation1 in/ruction1 or competition = individuals "u ! age ( #ah1 includ+ ! foll[+3 7,a7 ,all leagues1 clubs1 associations1 & teams at ! recreational1 travel1 & elite levels4 7,b7 ,all y\? sports facilities1 physical assets1 & infra/ructure4 7,c7 ,all associat$ te*nology & intellectual prop]ty1 includ+ regi/ration plat=ms1 s*$ul+ s(tw>e1 scor+ sy/ems1 propriet>y tra9+ me?ods1 p]=mance metric te*nology1 & relat$ data collection & algori?ms4 7,d7 ,all y\? sports tra9+ camps1 t\rnam5ts1 & %[cases4 7,e7 ,all nonpr(it & =-pr(it entities t provide or facilitate any aspect ( ! activities describ$ 9 subp>agraphs 7,a7 ?r\gh 7,d74 7#ae7 ,y\? sports entity ,! t]m y\? sports entity means any p]son1 company1 p>tn]%ip1 corporation1 association1 affiliate1 or organization 7:e!r =-pr(it or nonpr(it7 t provides1 op]ates1 manages1 or facilitates y\? sports4 7#af7 ,y\? sports facility ,! t]m y\? sports facility means a field1 c\rt1 /adium1 sports complex1 gymnasium1 or simil> a?letic facility t is us$ = recreational1 competitive sport+ activities or to provide ancill>y s]vices = p>ticipants "u ! age ( #ah1 includ+ z a "p ( a s*ool-sponsor$ team1 recreational league1 or community-bas$ program4 7#ag7 ,y\? ,sports ,fund ,! t]m ,y\? ,sports ,fund means ! fund e/abli%$ "u section #h4 #c4 ,prohibition on vulture inve/m5t 9 y\? sports 7a7 ,vulture inve/or prohibition ,x %all be unlawful = any vulture inve/or to inve/ 9 a y\? sports entity4 7b7 ,vulture practice prohibition ,x %all be unlawful = any cov]$ firm to engage 9 vulture practices 9 connection ) inve/m5t 9 a y\? sports entity1 includ+ by do+ any ( ! foll[+3 7#a7 ,consolidat+ control ov] y\? sports by roll+ up multiple y\? sports entities1 or acquir+1 controll+1 manag+1 f9anc+1 advis+1 ex]cis+ gov]nance rights =1 or inve/+ 9 m ?an #a entity t-- 7,a7 exclusively s]ves multiple y\? sports entities2 or 7,b7 supplies products or s]vices t are ess5tial or m&atory = p>ticipation 9 y\? sports4 7#b7 ,creat+ an integrat$ network ( activities1 s]vices1 p>tn]%ips1 t\rnam5ts1 app>el1 or te* plat=ms1 :]e p>ticipation 9 "o requires1 directly or indirectly1 ! use ( o!rs own$ or controll$ by ! cov]$ firm or (f]$ by a ?ird-p>ty p>tn] ( ! cov]$ firm4 7#c7 ,condition+ eligibility to p>ticipate 9 any aspect ( y\? sports on ! use ( a designat$ travel ag5t1 hotel or lodg+ accommodation1 or transportation entity4 7#d7 ,impos+ junk fees or o!r hidd5 or unfair *>ges 9 connection ) y\? sports p>ticipation1 includ+ any fee or additional co/ t-- 7,a7 is n cle>ly & conspicu\sly disclos$ be=e a y\? regi/]s1 commits1 or makes a paym5t to p>ticipate 9 y\? sports1 includ+ any late-/age fee add$ aft] an initial price is pres5t$ or paid2 7,b7 is m&atory or effectively unavoidable z a condition ( p>ticipation aft] a y\? regi/]s1 commits1 or makes a paym5t2 7,c7 p5alizes a y\? p>ticipant or family = decl9+ to pur*ase goods or s]vices2 7,d7 is unnecess>y su* t x incurs nom9al or no co/ to provide2 7,e7 is excessive su* t x is disproportional to ! co/ to provide2 or 7,f7 duplicates1 ov]laps )1 or is bundl$ ) o!r fees or *>ges su* t ! co/ is obscur$ or incurr$ m ?an once = ! same or simil> goods or s]vices4 7#e7 ,impos+ any ( ! foll[+ t]ms3 7,a7 ,exclusivity1 non-compete1 or "r ( fir/ refusal requirem5ts t directly or indirectly limit activities1 s]vices1 p>tn]%ips1 t\rnam5ts1 app>el1 or te* plat=ms 9 y\? sports to ^? controll$ or own$ by ! cov]$ firm or _! ?ird-p>ty p>tn]s4 7,b7 ,multi-ye>1 non-cancelable commitm5ts b9d+ y\? sports p>ticipants or entities = #b or m seasons )\t e>ly t]m9ation rights4 7,c7 ,bans or re/rictions1 direct or indirect1 on p>ticipat+ 9 compet+ t\rnam5ts or o!r non-affiliat$ a?letic ev5ts (f]+ )9 #aej miles4 7,d7 ,bans or re/rictions1 direct or indirect1 on us+ compet+ te* plat=ms1 includ+ non-affiliat$ s*$ul+1 regi/ration1 or analytics tools4 7#f7 ,claim+1 secur+1 transf]r+1 or lic5s+ by or to a cov]$ firm1 an entity affiliat$ ) or controll$ by a cov]$ firm1 or any ?ird p>ty unaffiliat$ ) y\? sports1 ! intellectual prop]ty rights to any ( ! foll[+3 7,a7 ,record1 broadca/1 report1 att5d1 portray1 %>e1 or o!rwise capture any aspect ( y\? sports4 7,b7 ,any a?lete biometric1 p]=mance1 or family f9ancial data1 includ+ b n limit$ to he>t rate1 global position+ sy/em track+1 injury hi/ory1 sc\t+ reports1 or p>5tal paym5t records4 7,c7 ,any te*nology or algori?ms1 includ+ s(tw>e1 models1 or pr$ictive sy/ems develop$ 9 connection ) any aspect ( y\? sports4 7#g7 ,violat+ any provision ( ! ,protect+ ,"y ,victims f ,sexual ,abuse & ,safe ,sport ,au?orization ,act ( #bjag 7#cf ,u4,s4,c4 #bbjeda et seq474 7#h7 ,engag+ 9 any o!r practice1 t]m1 condition1 tactic1 in/rum5t1 me?od1 or act t ! ,commission or ,assi/ant ,attorney ,g5]al has det]m9$ to be a vulture practice & has publi%$ notice !re( 9 ! ,f$]al ,regi/] )\t reg>d to ! requirem5ts "u section #eec ( title #e1 ,unit$ ,/ates ,code4 #d4 ,vulture inve/or designation 7a7 ,designation 7#a7 ,presumptive designation = exi/+ inve/m5t z ( ! date ( enactm5t ( ?is ,act ,any cov]$ firm t is inve/$ 9 a y\? sports entity z ( ! date ( enactm5t ( ?is ,act %all be presum$ to be a vulture inve/or = all purposes "u ?is ,act4 7#b7 ,automatic designation = exi/+ inve/m5t aft] ! date ( enactm5t ( ?is ,act ,any cov]$ firm t is inve/$ 9 a y\? sports entity z ( ! date ( enactm5t ( ?is ,act %all be automatically designat$ z a vulture inve/or #ia days aft] ! date ( enactm5t ( ?is ,act unless c]tifi$ "u subsection 7b74 7#c7 ,designation = prospective inve/m5t aft] ! date ( enactm5t ( ?is ,act ,a cov]$ firm t is seek+ to inve/ 9 a y\? sports entity on or aft] ! date ( enactm5t ( ?is ,act %all be designat$ a vulture inve/or = all purposes "u ?is ,act & %all n initiate or proce$ ) any su* inve/m5t unless & until c]tifi$ "u subsection 7b74 7b7 ,c]tification 7#a7 ,requirem5ts ,a cov]$ firm may rebut ! designation "u subsection 7a7 only by submitt+ to ! ,commission a sworn c]tification1 execut$ "u p5alty ( p]jury & subject to /rict liability = any mat]ial mis/atem5t or omission1 by ea* g5]al p>tn] or equival5t individual ) managem5t au?ority ov] ! cov]$ firm1 atte/+ t-- 7,a7 ! cov]$ firm & any affiliate1 pr$ecessor1 successor1 or entity "u common control has nev] engag$ 9 a vulture practice2 7,b7 n m ?an #a acquir$ entity ( ! cov]$ firm1 includ+ all affiliat$ or commonly controll$ entities1 has become f9ancially insolv5t or ent]$ bankruptcy proce$+s )9 #e ye>s ( acquisition2 & 7,c7 ! cov]$ firm w n engage 9 any vulture practice at any "t4 7#b7 ,tim+ ( c]tification submission 7,a7 ,cov]$ firms inve/$ z ( ! date ( enactm5t ( ?is ,act ,n lat] ?an #fj days aft] ! date ( enactm5t ( ?is ,act1 a cov]$ firm inve/$ 9 a y\? sports entity z ( ! date ( enactm5t ( ?is ,act may submit a c]tification "u p>agraph 7#a74 7,b7 ,cov]$ firms seek+ to inve/ aft] ! date ( enactm5t ( ?is ,act ,a cov]$ firm seek+ to inve/ 9 a y\? sports entity aft] ! date ( enactm5t ( ?is ,act %all submit a c]tification "u p>agraph 7#a7 n less ?an #fj days prior to initiat+ su* inve/m5t4 7#c7 ,effect on op]ations ,a c]tification "u p>agraph 7#a7 %all h no =ce or effect unless & until approv$ by ! ,commission1 & no c]tification submission1 p5d5cy1 or review %all /ay1 delay1 or o!rwise affect any designation or obligation "u ?is ,act4 7#d7 ,disposition ( c]tification ,any c]tification "u p>agraph 7#a7 n approv$ on or be=e ! date t is #ca days aft] ! date ( submission %all be deem$ d5i$ by op]ation ( law4 7#e7 ,t]m9ation ( c]tification ,! ,commission or ! ,assi/ant ,attorney ,g5]al may t]m9ate a c]tification at any "t by notify+ ! cov]$ firm & publi%+ a notice 9 ! ,f$]al ,regi/]1 &1 effective on ! date ( publication1 ! cov]$ firm %all be automatically designat$ z a vulture inve/or = ! purposes ( ?is ,act4 7c7 ,false c]tification 7#a7 ,civil p5alty ,any cov]$ firm t submits a c]tification "u subsection 7b7 t conta9s a mat]ial mis/atem5t or omission %all be liable = a civil p5alty ( n less ?an #a1jjj1jjj p] c]tification1 :i* %all-- 7,a7 be assess$ sep>ately = ea* false c]tification submitt$ "u subsection 7b72 7,b7 be impos$ jo9tly & sev]ally on ! cov]$ firm & ea* individual :o executes su* c]tification1 includ+ ea* g5]al p>tn] or equival5t individual ) managem5t au?ority ov] ! cov]$ firm1 )\t "r ( indemnification1 reimbursem5t1 insurance1 or contribution f any cov]$ firm1 affiliate1 or o!r p]son1 & any agreem5t to ! contr>y %all be void z aga9/ public policy2 7,c7 apply by op]ation ( law ^u submission ( su* c]tification & may be en=c$ by ! ,commission or ! ,assi/ant ,attorney ,g5]al2 & 7,d7 be deposit$ into ! ,y\? ,sports ,fund4 7#b7 ,crim9al liability ,any individual :o kn[+ly or willfully executes or submits a c]tification "u subsection 7b7 t conta9s a mat]ial mis/atem5t or omission %all be f9$ "u title #ah1 ,unit$ ,/ates ,code1 imprison$ = n m ?an #a ye>1 or bo?1 & may be prosecut$ "u ?is subsection1 section #ajja ( title #ah1 ,unit$ ,/ates ,code1 or bo?4 7d7 ,limitation on review ,any det]m9ation by ! ,commission or ! ,assi/ant ,attorney ,g5]al "u ?is section1 includ+ ! approval1 d5ial1 or t]m9ation ( a c]tification1 %all n /ay1 enjo91 or o!rwise delay ! application ( any requirem5t "u ?is ,act1 includ+ ?r\gh tempor>y re/ra9+ ord]1 prelim9>y injunction1 or o!r equitable relief4 #e4 ,dive/iture & rem$ies 7a7 ,dive/iture ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act or aft] designation z a vulture inve/or1 a vulture inve/or %all cure any violation ( ?is ,act by-- 7#a7 dive/+ or unw9d+ any own]%ip /akes1 acquisitions1 rights1 agreem5ts1 contracts1 t]ms1 & exclusivity arrangem5ts relat$ to ! own]%ip1 op]ation1 control1 managem5t1 or o!r direction ( any y\? sports entity2 7#b7 return+1 transf]r+1 or assign+ own]%ip ( all assets1 real e/ate1 & intellectual prop]ty1 includ+ tradem>ks1 copyrights1 pat5ts1 & relat$ rights acquir$ by a vulture inve/or f a y\? sports entity or g5]at$ by its activities1 or1 9 ! ev5t ( a non-rev]sible sale ( a physical asset or real e/ate to an unaffiliat$ ?ird p>ty1 ! vulture inve/or %all pay ! y\? sports entity ! full proce$s ! vulture inve/or receiv$ f ! sale or ! m>ket value at ! "t ( sale1 :i*ev] is high]2 & 7#c7 at ! "t ( designation z a vulture inve/or1 remov+ any individuals in/all$ by ! vulture inve/or f any managem5t1 s5ior executive1 or bo>d position )9 any y\? sports entity4 7b7 ,dive/iture process 7#a7 ,guidance ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 ! ,*air ( ! ,commission %all issue guidance specify+ mile/ones = dive/m5t )9 ! deadl9e e/abli%$ "u subsection 7a7 by publi%+ notice !re( 9 ! ,f$]al ,regi/] )\t reg>d to ! provisions "u section #eec ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,p5alties = failure to comply ,= any entity subject to dive/iture "u subsection 7a7 t does n comply ) ! mile/ones specifi$ "u p>agraph 7#a71 except 9 cases 9 :i* dive/iture is block$ "u p>agraph 7#e71 ! ,*air ( ! ,commission or ! ,assi/ant ,attorney ,g5]al %all cause #aj p]c5t ( all rev5ue receiv$ by ! vulture inve/or attributable to ! y\? sports entity to be transf]r$ into escr[ on a mon?ly basis1 :i* %all be-- 7,a7 return$ to ! vulture inve/or if dive/m5t occurs by ! deadl9e "u subsection 7a72 or 7,b7 deposit$ into ! ,y\? ,sports ,fund if dive/m5t does n occur by ! deadl9e "u subsection 7a74 7#c7 ,report+ p]iod ,any dive/m5t requir$ "u subsection 7a7 %all be report$ to ! ,commission & ! ,assi/ant ,attorney ,g5]al "u section #g;,a ( ! ,clayton ,act 7#ae ,u4,s4,c4 #ah;a7 )\t respect to ! ?re%olds "u subsection 7a77#b7 ( t section4 7#d7 ,review ( dive/iture ,) respect to ea* dive/iture und]tak5 pursuant to subsection 7a71 9 addition to any applicable review "u section #g;,a ( ! ,clayton ,act 7#ae ,u4,s4,c4 #ah;a71 ! ,commission & ! ,assi/ant ,attorney ,g5]al %all review ! effect on competition1 f9ancial viability1 & ! public int]e/-- 7,a7 ( ! dive/iture2 & 7,b7 ( ! subsequ5t acquisition ( ! dive/$ entity by ! acquir+ p]son4 7#e7 ,block+ dive/iture ,! ,commission & ! ,assi/ant ,attorney ,g5]al1 jo9tly or sep>ately1 may br+ a civil action 9 any c\rt ( compet5t jurisdiction to block any dive/iture t w\ld con/itute a violation ( ?is ,act or h>m competition1 result 9 f9ancial insolv5cy1 or result 9 a conflict ( int]e/ to ! detrim5t ( ! public int]e/4 7#f7 ,tru/ee ,if dive/iture does n occur by ! dive/iture deadl9e "u subsection 7a71 a dive/iture tru/ee appo9t$ by ! ,*air ( ! ,commission or ! ,assi/ant ,attorney ,g5]al & paid = 9 full by ! vulture inve/or subject to dive/iture %all ov]see ! requir$ dive/iture & %all h ! au?ority to sell ! y\? sports entity to :i* ! dive/iture requirem5t applies4 7c7 ,rem$ies 9 connection ) dive/iture 7#a7 ,9 g5]al ,z a condition ( or 9 connection ) any dive/iture "u ?is section1 ! ,commission or ! ,assi/ant ,attorney ,g5]al may impose1 require1 sup]vise1 & en=ce su* re/rictions & rem$ies z are necess>y to cure1 mitigate1 or prev5t any violation ( ?is ,act4 7#b7 ,dive/iture compliance ,no dive/iture requir$ "u ?is section %all be consid]$ complete or 9 compliance ) ?is ,act unless & until ! ,commission or ! ,assi/ant ,attorney ,g5]al det]m9es t all su* rem$ies h be5 satisfi$4 7#c7 ,types ( rem$ies ,! ,commission or ! ,assi/ant ,attorney ,g5]al may require a vulture inve/or to-- 7,a7 cease & desi/ f any violation ( ?is ,act2 7,b7 disgorge any rev5ue1 fees1 special divid5ds1 or o!r =ms ( pr(it extract$ f a y\? sports entity ?r\gh vulture practices1 includ+ any pre-judgm5t & po/-judgm5t int]e/2 7,c7 refund all junk fees *>g$ directly or indirectly to cu/om]s2 7,d7 =give & void 9 full any debts or out/&+ paym5ts ow$ by ! y\? sports entity1 ! local community1 & any employees1 families1 p>ticipants1 or cu/om]s t 7 relat$ to or result$ f vulture practices "u ?is ,act2 7,e7 fund any s*ol>%ip or f9ancial aid programs t exi/$ at ! acquisition1 includ+ dur+ ! #a-ye> p]iod be=e ! date ( acquisition1 at ! pre-acquisition fund+ level = a m9imum p]iod ( #e ye>s2 7,f7 pay ! y\? sports entity any proce$s ! vulture inve/or receiv$ f leas+1 lic5s+1 or grant+ access rights to any asset1 real e/ate1 or intellectual prop]ty ! y\? sports entity own$1 controll$1 g5]at$1 procur$1 or paid = prior to or dur+ ! p]iod ( inve/m5t2 7,g7 transf] all data1 algori?ms1 s(tw>e1 lic5ses1 plat=ms1 & o!r te*nology necess>y to op]ate ! bus9ess effectively to ! y\? sports entity1 & rel9qui% any pa/1 pres5t1 or future own]%ip or rights !reto2 7,h7 disgorge or delete any propriet>y cu/om]1 p>ticipant1 or op]ational data acquir$ or collect$ dur+ ! p]iod ( inve/m5t1 z direct$ by ! ,commission or ! ,assi/ant ,attorney ,g5]al2 7,i7 comp5sate = any asset transf]s or transactions t dim9i%$ ! value or viability ( ! y\? sports entity2 & 7,j7 provide any o!r relief necess>y to re/ore ! f9ancial viability1 op]ational indep5d5ce1 & competitive position ( ! y\? sports entity4 7d7 ,po/-dive/iture jurisdiction ,! ,commission & ! ,assi/ant ,attorney ,g5]al %all reta9 jurisdiction = a p]iod ( n less ?an #a ye> foll[+ ! completion ( any dive/iture "u ?is section to-- 7#a7 monitor compliance ) ?is ,act & any conditions or rem$ies impos$ "u ?is subsection2 7#b7 impose additional conditions or rem$ies z necess>y2 7#c7 modify or t]m9ate previ\sly impos$ conditions or rem$ies2 & 7#d7 require additional transf]s1 paym5ts1 or op]ational *anges to ensure compliance ) ?is ,act & ! effectiv5ess ( ! dive/iture4 7e7 ,adm9i/rative au?ority 7#a7 ,9 g5]al ,! au?ority "u ?is section may be ex]cis$ )\t any requirem5t to prove a violation 9 c\rt & may be bas$ on designation z a vulture inve/or or a failure to obta9 or ma9ta9 c]tification "u section #d1 or ! application ( ?is section4 7#b7 ,ord]s ,! ,commission or ! ,assi/ant ,attorney ,g5]al may issue su* ord]s z are necess>y to c>ry out ?is section1 includ+ ord]s requir+ compliance ) any condition or rem$y impos$ "u ?is subsection4 7#c7 ,escr[ ,! ,commission or ! ,assi/ant ,attorney ,g5]al may require t funds1 proce$s1 or o!r assets be plac$ 9 escr[ or o!rwise )held p5d+ satisfaction ( ! dive/iture1 or any condition or rem$y impos$ "u ?is section4 #f4 ,en=cem5t 7a7 ,9 g5]al ,! ,commission or ! ,assi/ant ,attorney ,g5]al may en=ce ?is ,act1 includ+ any dive/iture1 condition1 re/riction1 or rem$y impos$ "u section #e1 by-- 7#a7 ex]cis+ ! adm9i/rative au?orities provid$ "u ?is ,act2 or 7#b7 br++ a civil action 9 an appropriate di/rict c\rt ( ! ,unit$ ,/ates4 7b7 ,p[]s ( ! ,commission 7#a7 ,9 g5]al ,! ,commission %all en=ce ?is ,act or an ord]1 requirem5t1 guidance1 rule1 process1 or proc$ure au?oriz$ "u ?is ,act 9 ! same mann]1 by ! same means1 & ) ! same jurisdiction1 p[]s1 & duties z ?\gh all applicable t]ms & provisions ( ! ,f$]al ,trade ,commission ,act 7#ae ,u4,s4,c4 #da et seq47 7 incorporat$ into & made a "p ( ?is ,act4 7#b7 ,unfair or deceptive acts or practices2 unfair me?ods ( competition ,a violation ( ?is ,act or an ord]1 requirem5t1 guidance1 rule1 process1 or proc$ure au?oriz$ by ?is ,act %all also con/itute a violation ( section #e7;a7 ( ! ,f$]al ,trade ,commission ,act 7#ae ,u4,s4,c4 #de7;a77 reg>d+ unfair me?ods ( competition or a rule def9+ an unfair or deceptive act or practice "u section #ah7;a77#a77;,b7 ( ! ,f$]al ,trade ,commission ,act 7#ae ,u4,s4,c4 #eg;a7a77#a77;,b774 7#c7 ,privileges & immunities ,any p]son :o violates ?is ,act or an ord]1 requirem5t1 guidance1 rule1 process1 or proc$ure au?oriz$ by ?is ,act %all be subject to ! p5alties & entitl$ to ! privileges & immunities provid$ 9 ! ,f$]al ,trade ,commission ,act 7#ae ,u4,s4,c4 #da et seq474 7c7 ,actions by ,/ate attorneys g5]al 7#a7 ,9 g5]al ,if ! attorney g5]al ( a ,/ate has reason to believe t an int]e/ ( ! resid5ts ( ! ,/ate has be5 or is be+ ?reat5$ or adv]sely affect$ by a practice t violates ?is section1 ! attorney g5]al ( ! ,/ate may1 z p>5s patriae1 br+ a civil action on behalf ( ! resid5ts ( ! ,/ate 9 an appropriate di/rict c\rt ( ! ,unit$ ,/ates4 7#b7 ,rule ( con/ruction ,= purposes ( br++ a civil action "u ?is subsection1 no?+ 9 ?is ,act %all be con/ru$ to prev5t an attorney g5]al1 (ficial1 or ag5cy ( a ,/ate f ex]cis+ ! p[]s conf]r$ on ! attorney g5]al1 (ficial1 or ag5cy by ! laws ( su* ,/ate to conduct inve/igations1 adm9i/] oa?s & affirmations1 or compel ! att5dance ( witnesses or ! production ( docum5t>y & o!r evid5ce4 7d7 ,private "r ( action ,any individual or class ( individuals adv]sely affect$ by a cov]$ firm's violation ( ?is ,act1 or a regulation promulgat$ !reund]1 may br+ a civil action 9 any c\rt ( compet5t jurisdiction aga9/ ! cov]$ firm4 7e7 ,aw>d ,9 a civil action br\ght "u ?is ,act 9 :i* ! pla9tiff prevails1 ! c\rt may aw>d-- 7#a7 damages 9 an am\nt equal to-- 7,a7 #c times ! am\nt ( actual monet>y damages incurr$ z a result ( ! violation2 or 7,b7 9 ! ev5t ( a willful violation1 an am\nt det]m9$ appropriate by ! c\rt1 b 9 no case %all su* am\nt be less ?an ! am\nt describ$ 9 subp>agraph 7,a72 7#b7 re/itution or o!r appropriate equitable relief2 7#c7 reasonable attorney's fees & litigation co/s2 7#d7 any condition1 re/riction1 or rem$y describ$ 9 section #e2 & 7#e7 any o!r relief t ! c\rt det]m9es appropriate4 7f7 ,"r to jury trial ,ei!r p>ty1 ^u reque/1 %all h ! "r to a jury trial4 7g7 ,invalidity ( pre-dispute arbitration agreem5ts & pre-dispute jo9t action waiv]s 7#a7 ,def9itions ,= purposes ( ?is subsection3 7,a7 ,pre-dispute arbitration agreem5t ,! t]m pre-dispute arbitration agreem5t means any agreem5t to arbitrate a dispute t has n aris5 at ! "t ( ! mak+ ( ! agreem5t4 7,b7 ,pre-dispute jo9t-action waiv] ,! t]m pre-dispute jo9t-action waiv] means an agreem5t1 :e!r or n "p ( a pre-dispute arbitration agreem5t1 t w\ld prohibit or waive ! "r ( #a ( ! p>ties to ! agreem5t to p>ticipate 9 a jo9t1 class1 or collective action 9 a judicial1 arbitral1 adm9i/rative1 or o!r relat$ =um1 conc]n+ a dispute t has n yet aris5 at ! "t ( ! mak+ ( ! agreem5t4 7#b7 ,invalidity ,not)/&+ any o!r provision ( law1 no pre-dispute arbitration agreem5t or pre-dispute jo9t action waiv] %all be valid or en=ceable ) reg>d to a dispute aris+ "u ?is ,act4 7#c7 ,applicability ,any det]m9ation z to :e!r or h[ ?is subsection applies to any dispute %all be made by a c\rt1 r ?an an arbitrator1 )\t respect to :e!r su* agreem5t purports to delegate su* det]m9ation to an arbitrator4 #g4 ,jo9t & sev]al liability ,not)/&+ any o!r provision ( law1 or ! t]ms ( any contract or agreem5t1 a vulture inve/or1 includ+ any control p]son or affiliate1 %all be held jo9tly & sev]ally liable ) ! y\? sports entity = all liabilities incurr$ by ! y\? sports entity dur+ ! p]iod ( ! vulture inve/or's control1 includ+-- 7#a7 all debt obligations assum$ by ! y\? sports entity2 7#b7 legal judgm5ts2 7#c7 p5sion-relat$ obligations2 & 7#d7 any legal1 regulatory1 or safety infractions includ+1 b n limit$ to1 *ild safety1 labor violations1 & facility code failures4 #h4 ,y\? sports fund ,any money disgorg$ pursuant to an action "u ?is ,act )\t a specifi$ recipi5t %all be deposit$ 9 a y\? sports fund creat$ & di/ribut$ "u t]ms set by ! ,commission to be put to use 9 ! int]e/ ( s]v+ ! y\? sports ne$s ( ! h>m$ community or communities1 includ+ by-- 7#a7 provid+ funds to y\? sports entities to r$uce or elim9ate p>ticipation co/s = families2 7#b7 support+ free community access to y\? sports facilities2 7#c7 increas+ f9ancial aid or s*ol>%ips2 or 7#d7 o!rwise provid+ any necess>y fund+ to ensure a dive/$ y\? sports entity c op]ate at a safe & effective level4 #i4 ,au?ority to implem5t ?is act ,! ,commission %all h ! au?ority to issue ord]s1 requirem5ts1 guidance1 rules1 processes1 or proc$ures necess>y to implem5t ?is ,act by publi%+ notice !re( 9 ! ,f$]al ,regi/] )\t reg>d to ! provisions "u section #eec ( title #e1 ,unit$ ,/ates ,code4 #aj4 ,preemption ,no?+ 9 ?is ,act %all be con/ru$ to re/rict or preempt any ,/ate or local law t-- 7a7 provides protection aga9/ vulture practices or a cov]$ firm t are great] ?an ^? set =? 9 ?is ,act2 7b7 imposes civil or crim9al sanctions or p5alties great] ?an ^? impos$ by ?is ,act2 or 7c7 creates any public or private "r ( action relat+ to vulture practices or a cov]$ firm4 #aa4 ,anti-evasion 7a7 ,9 g5]al ,x %all be unlawful = any p]son to /ructure1 re/ructure1 or o!rwise arrange any transaction1 relation%ip1 or agreem5t = ! purpose ( evad+ ! requirem5ts ( ?is ,act4 7b7 ,sub/ance ov] =m ,= purposes ( det]m9+ compliance ) ?is ,act1 ! ,commission & ! ,assi/ant ,attorney ,g5]al may disreg>d ! =m ( any transaction & consid] its sub/ance4 7c7 ,treatm5t z a cov]$ firm ,any entity creat$1 reorganiz$1 or utiliz$ = ! purpose ( avoid+ designation "u ?is ,act %all be deem$ to be a cov]$ firm4