The New York Yankees are investing in a Major League Soccer expansion team set to begin play in New York starting in 2015.
The club will be controlled by the Manchester City Football Club.
The 20th team in the league will be called New York City Football Club, and a search is under way to locate a site for a soccer-specific stadium, MLS Commissioner Don Garber, Yankees President Randy Levine and Manchester City Chief Executive Officer Ferran Soriano told reporters during a conference call.
"I couldn't think of two better partners," Garber said. "The sport continues to grow in this country. What better way for us to lead the effort than to bring together two of the biggest global brands in sports."
Manchester City finished second to Manchester United in the Premier League this season after winning the season before. Levine said the Yankees would support Man City and the league in their efforts to secure a suitable site.
"We know how to get things done in New York City," Levine said. "We think the combination will be very, very powerful."