Major League Baseball's New York Yankees and English Premier League football club Manchester City are joining together to enter an expansion team in U.S. Major League Soccer (MLS).
The new team will be named New York City Football Club and expects to begin play in 2015 as MLS's 20th franchise.
MLS Commissioner Don Garber said "this is a transformational development that will elevate the league to new heights in this country." He added that the league looks forward to an intense crosstown rivalry between the new club and current MLS club the New York Red Bulls.
Manchester City will be the majority owner of the new club. As an investor, the Yankees will be an active member of the ownership group.
The announcement comes just days before Yankee Stadium on Saturday will host a friendly match between Manchester City and fellow Premier League football club Chelsea.
MLS says New York City FC is committed to seeking a new permanent stadium in New York and that until then it will play at an interim venue. The New York Red Bulls play their home matches at Red Bull Arena in Harrison, New Jersey, in suburban New York City.