Introducing NYC F.C. Major league Soccer's 20th Franchise This team is a joint venture between The Yankees and Manchester City FC in the English Premier league. CNN) -- Two of the richest organizations in sport announced Tuesday that they have partnered to buy a Major League Soccer franchise in New York. English Premier League side Manchester City will be the majority owner with MLB giants New York Yankees also claiming a stake in the team -- which will be named New York City FC (NYCFC). The MLS currently has 19 clubs -- including the New York Bulls -- with NYCFC looking to join the league for the 2015 season. "This is a transformational development that will elevate the league to new heights in this country," said MLS Commissioner Don Garber. "The New York area is home to more than 19 million people -- and we look forward to an intense crosstown rivalry between New York City Football Club and the New York Red Bulls that will captivate this great city," he added. Abu-Dhabi owned Manchester City will take the lead on recruiting the management team, staff and players for the new franchise, which will be on the hunt for a permanent home in the Big Apple -- with the Flushing Meadows area of Queens identified as a possible location.