(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.
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New York City FC to become 20th club in Major League Soccer
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EPL Manchester City and MLB giants New York Yankees to partner in franchise
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Abu-Dhabi owned Man City will be majority owner
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Club hope to enter the MLS in 2015
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Steinbrenner said they wanted to work with City to "create something very special for the soccer fans of @placeholder."