Sec. 25.5. "Professional sports team foundation" means a bona fide charitable organization that meets the following requirements:
(1) The organization:
(A) operates; and
(B) is in existence;
in Indiana.
(2) The organization has a constitution, articles, charter, or bylaws that contain a clause that provides that upon dissolution all remaining assets shall be used for the organization's stated purposes.
(3) The organization is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code.
(4) The organization is affiliated with a franchise in the National Football League, the National Basketball Association, or Major League Baseball.