The Let Kids Play Act would restrict private equity firms that meet the bill’s definition of “vulture investor” from investing in youth sports organizations. It would also prohibit covered firms from using listed practices, including hidden fees, certain exclusive deals, and claims over youth sports data or technology. Firms already invested in youth sports would generally need to be certified or face designation as vulture investors. Designated firms would have up to two years to divest and could be required to return assets, repay fees, or take other corrective steps. The Federal Trade Commission, the Justice Department, state attorneys general, and affected individuals could enforce the act.
Families and youth sports participants could benefit from limits on certain fees, required purchases, and restrictions on joining competing events. The bill also allows affected individuals to sue covered firms. It does not guarantee that participation costs will fall.
The bill sets a civil penalty of at least $1 million for each false certification and allows other financial remedies, including refunds and repayment of profits. It does not specify a public spending amount. Money collected without another named recipient would go to a Youth Sports Fund for youth sports needs in harmed communities.
No publicly available information.
No publicly available information.