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English Premier League club Manchester City, which is owned by Sheikh Mansour of Abu Dhabi, will be the majority partner with the Yankees, the biggest name in baseball, an "active member of the ownership group", MLS said.
The new team will be called New York City Football Club and will play at a temporary home in 2015 while efforts to find and build a new stadium are completed.
MLS has already begun discussions with the City of New York about the possibility of constructing a new stadium in Flushing Meadows Corona Park in Queens.
"The club's new management will continue these discussions with local government officials, community residents and businesses, soccer leagues and MLS. The club will continue to review other potential sites as well," the league said in a statement.
The new club will become the 20th team in Major League Soccer and will face a local rival in the New York Red Bulls who play in Harrison, New Jersey.
The "franchise fee" is $100 million.
