Sports Antitrust Reform Act of 1996 - Amends the Clayton Act to: (1) authorize a professional sports league to establish a rule authorizing the league membership to decide whether or not a member team may be relocated outside of its home territory and requiring anyone seeking to change the home territory of that member team to obtain the league's approval; and (2) make the antitrust laws inapplicable to any such rule.

Sets forth requirements regarding: (1) requests for relocation approval; (2) procedures for approving or disapproving requests (including criteria to be considered, such as the extent to which fan loyalty and support for the member team have been demonstrated, the extent to which the member team has received public financial support, and whether the stadium or arena authority (if public) is opposed to the relocation); (3) hearings; and (4) judicial review.