JUST THREE DAYS AFTER announcing the elimination of Chivas USA, Major League Soccer unveiled the new ownership of the second Los Angeles franchise that will begin operations in 2017.

The team will operate under the working title Los Angeles Football Club and the ownership group features Henry Nguyen, Peter Guber, and Tom Penn. Minority partners include Vincent Tan, Earvin “Magic” Johnson, Nomar Garciaparra, Mia Hamm, and Tony Robbins. Guber is the owner of the Golden State Warriors and part owner of the Los Angeles Dodgers and will serve as executive chairman.

“We are thrilled to welcome Henry Nguyen, Peter Guber, Tom Penn, and their owner partners to Major League Soccer,” said MLS Commissioner Don Garber. “This visionary ownership group will chart a course that will further elevate the sport in this great city and, combined with a new state-of-the-art stadium, accelerate us down the path toward becoming one of the top soccer leagues in the world.”

Most importantly, the new ownership insisted that they are committed to building a new stadium in the Los Angeles area—specifically for LAFC. At the press conference Nguyen stated that it was his priority for the stadium to be “world class.”

Next year MLS will expand to 20 teams with the addition of NYCFC and Orlando City. LAFC will join Atlanta in 2017 to bring the number of teams to 22. League officials also say that they plan to expand to 24 teams by 2020.