(1) Any city, code city, or county, individually or collectively, may own and operate an existing professional sports franchise when the owners of such franchises announce their intention to sell or move a franchise.

(2) If a city, code city, or county purchases a professional sports franchise, a public corporation shall be created to manage and operate the franchise. The public corporation created under this section shall have all of the authorities granted by RCW 35.21.730 through 35.21.757.

Legislative declaration—1987 c 32: "The legislature hereby declares and finds that professional sports franchises are economic, cultural, and entertainment assets to the state and that unilateral actions by the owners of such franchises to move franchises to other locations result in a loss of direct and indirect employment and national visibility for the state. The legislature finds that the retention of professional sports franchises and the enabling authority created by RCW 35.21.695 are public purposes and that RCW 35.21.695 shall not be construed in any manner contrary to the provisions of Article VIII, section 7, of the Washington state Constitution." [ 1987 c 32 § 1.]