New Los Angeles franchise announces official club name: Los Angeles FC

It's the dawn of a new era of soccer in the city of Los Angeles as the LA Galaxy grudgingly welcome a new neighbor in California: Los Angeles Football Club.

That's the official name of the newest franchise in Major League Soccer, with the club keeping it's interim LAFC moniker and name on a permanent basis.

"The name that we chose is true to Los Angeles, authentic to world football and speaks to our global ambitions," the club's managing partner and owner, Henry Nguyen, said in a statement.

Like Toronto FC and FC Dallas, Los Angeles FC opted to go with a simple, tried-and-true name that doesn't feature a thematic namesake like many clubs in the league, such as the Galaxy or the San Jose Earthquakes.

The team's ownership group of 24 investors includes some well-known names, such as Cardiff City owner Vincent Tan, U.S. women's national team icon Mia Hamm and basketball star Earvin "Magic" Johnson.

The team is set to begin play in the 2018 season. The club has plans to build a new stadium in downtown Los Angeles, in the location of the former Los Angeles Sports Arena. The 22,000-seat, soccer-specific stadium will cost $250 million in private investment.