The Let Kids Play Act is designed to stop private equity firms and investment companies from buying up youth sports organizations and using aggressive financial tactics to extract profits at the expense of kids and families. The bill targets what it calls "vulture investors"—firms that have a history of loading companies with debt, cutting quality and safety, hiking fees, or driving businesses into bankruptcy to make money.

Under this law, private equity firms already invested in youth sports as of the bill's passage would be presumed to be vulture investors unless they submit a sworn certification to the Federal Trade Commission (FTC) proving they've never engaged in harmful practices and won't do so in the future. Any firm trying to invest in youth sports after the bill passes must get certified before proceeding. The law covers everything from youth leagues and teams to sports facilities, training camps, scheduling software, and athlete data.

Vulture investors would be prohibited from doing things like imposing hidden "junk fees," locking families into multi-year contracts they can't escape, requiring exclusive use of certain services or facilities, consolidating control over multiple youth sports organizations, or claiming ownership of athlete data and performance information. Within two years, vulture investors must sell off their youth sports investments. If they don't comply, 10% of their monthly revenue from youth sports gets put into escrow and eventually goes to a Youth Sports Fund that helps communities restore affordable access to youth sports.

The law gives the FTC and Department of Justice's Antitrust Division power to enforce these rules, and it also allows families and youth sports organizations to sue violators directly in court for triple damages plus attorney's fees. False certifications carry penalties of at least $1 million per false statement, and individuals who knowingly lie face criminal charges.