The New York Yankees are combining with English Premier League power Manchester City as owners of a Major League Soccer expansion team in New York that will start play in 2015.
The team, the 20th in a league that has doubled in size in two decades, will be called New York City Football Club. It has less than two years to find a temporary home while focusing on a permanent stadium.
The expansion fee for the new team is $100 million.
Manchester City, owned by Sheik Mansour bin Zayed bin Sultan Al Nahyan of Abu Dhabi, will be the controlling owner. The Yankees were approached about investing last week and will reportedly have an interest of 20 percent to 25 percent.
"They'll be running all the soccer," said Yankees president Randy Levine, who will be the team's lead person in the launch. "We know our way around New York, how to get things done."
MLS has been negotiating with New York City to build a stadium in Flushing Meadows' Corona Park, near the home of the New York Mets.
For a soccer stadium to be built at Flushing Meadows, NYC FC would have to reach an agreement with the Mets to use Citi Field's parking lots. The Mets declined comment on the Yankees' deal.
NYC FC will start play at an interim venue. New Yankee Stadium hosted its first two soccer matches last summer and is the site of an exhibition Saturday between Manchester City and Chelsea.
"Yankee Stadium is an option, as are many places," Levine said.
There is a chance NYC FC can serve as a farm team for Manchester City. Young players unable to break into the City squad could be loaned to the MLS team.
Man U's record profit. Manchester United earned a record $92.7 million in television revenue this season en route to a 20th Premier League title. Second-place Manchester City received $88.6 million.