NYC’s Expanding Soccer Empire Sells Stake to Billionaire Claure

Billionaire Marcelo Claure bought a 10% stake in the holding company of New York City FC, as the Major League Soccer team plots an expansion fueled by a planned new stadium in Queens.

City Football Group, which also owns English powerhouse Manchester City, will hold 80% of the parent company while Yankee Global Enterprises, owner of the New York Yankees, will have 10%, according to a statement Tuesday. The deal values the holding company, known as City Football Group US Holdco LLC, at around $1.5 billion, Sportico reported, citing people familiar with the matter.