Source: United States House of Representatives – Congresswoman Angie Craig (MN-02)
WASHINGTON, DC – Today, U.S. Representative Angie Craig (D-MN-02) joined Senators Chris Murphy (D-CT), Cory Booker (D-NJ) and fellow co-chairs of the House Monopoly Busters Caucus Reps. Chris Deluzio (D-PA-17), Pramila Jayapal (D-WA-07) and Pat Ryan (D-NY-18) in a press conference to introduce their new legislation to combat private equity’s monopolization of youth sports.
The Let Kids Play Act would hold private equity firms accountable for inflating the costs of youth sports and help protect access to sports for low-income families by banning both private equity vulture investors and the practices they use to rip people off. Specifically, the legislation would provide full refunds to families for any junk fees they incurred as the result of private equity’s predatory practices. Additionally, it would hold private equity vulture investors financially liable for any debts, legal judgements or law violations that occurred under their watch, and it would establish a youth sports fund using those financial penalties to provide scholarships, reduce costs and keep local fields open for free community use. Finally, if signed into law, the bill would give states and parents the legal right to sue private equity firms for damages.
“As a mom, I know how important sports are for our kids – and for our families,” said Rep. Craig. “Not only are youth sports a way for kids to get active and build lifelong skills – they’re also a reprieve for working parents, who need those few extra hours after school to work, run errands, or just enjoy some time to themselves.”
“That’s why I’m proud to be standing here in support of this critical legislation to protect access to youth sports and hold private equity firms accountable for exploiting parents and monetizing play.”
Since private equity’s takeover, youth sports has become a $40 billion industry. The cost to participate has risen 46 percent in five years, with many families paying more than $5000 per child each year. Thanks to private equity firms like Black Bear Sports Group, which owns over 40 ice rinks across the Midwest and the East Coast, families are facing rising fees for registration, equipment, travel and even paid streaming services, putting organized sports out of reach for millions of kids.
Rep. Craig is a founding member of the House Monopoly Busters Caucus and has led the charge to take on corporate consolidation across industries – from health care to technology to agriculture – and lower costs for working Minnesotans.
You can watch video of the press conference HERE.