Manchester City owners set to construct brand new $780M stadium in New York City

The parent company behind Manchester City are set to undergo their next major redevelopment project for one of the clubs in their vast global portfolio of football organisations, a new report has revealed.

That club is New York City FC - majority owned by the City Football Group.

At present, NYCFC plays the majority of home games at the iconic Yankee Stadium, which is also home to minority owner, the New York Yankees.

Over the course of the club's nine-year history, a whole host of iconic talents from the football world have graced the shirt of the Sky Blue outfit.

Spain’s record goal-scoring striker David Villa became NYCFC’s first-ever signing and captain on 2 June 2014, followed by Chelsea legend and former Manchester City midfielder Frank Lampard.

A year later, FIFA World Cup-winning midfielder Andrea Pirlo became the third Designated Player in Club history.

Now, it looks as though one of the prized possessions of the City Football Group project will have a brand new stadium to boast to potential new players and their entire fanbase.

According to a report from the New York Times, New York City officials have now reached an agreement to build the city’s first professional football stadium.

Officials of City Football Group's New York City have reached an agreement to build a new 25,000-seat stadium for club - set to be completed by 2027 - with an estimated construction cost of $780M.

[via @nytimes] pic.twitter.com/EMjRD6EJPj

— City Xtra (@City_Xtra) November 16, 2022

The 25,000-seat arena for New York City Football Club is expected to be completed by 2027 in the Willets Point neighbourhood of Queens.

It is further revealed that the NYCFC stadium is set to be the focal point of a 23-acre project that includes a 250-room hotel and 2,500 units of housing.

As for who will fund the project, the New York Times reveals that the City Football Group-owned club will pay for the entire construction of the stadium, which is estimated to cost $780 million.

Breaking News: New York City reached a deal to build a soccer stadium in Queens as part of a project that will include housing and a hotel. https://t.co/36yyRSe4V5

— The New York Times (@nytimes) November 16, 2022

The pending new home of New York City is just one of several redevelopment projects that Manchester City's owners are heavily involved in.

Closer to home, and supporters of Pep Guardiola's side who have attended any home matches in recent months will notice a new stadia neighbour being constructed close by to the Etihad Stadium.

This will be known as the Co-op Live - an indoor arena due to open in 2023, and planned to have the largest maximum capacity of any indoor arena in the United Kingdom.

City Football Group has become Oak View Group’s equal joint venture partner and investor in Co-op Live - a planned new 23,500-capacity venue next to the Etihad Stadium. CFG joins Harry Styles as an investor.

[via @stadiumbusiness] pic.twitter.com/PG0cvod9zZ

— City Xtra (@City_Xtra) May 24, 2021

As of 2022, the estimated cost of the scheme is £365 million.

Developers are planning to include up to 32 bars, a number of restaurants and clubs as part of the complex, which is likely to be a direct competitor of the city centre's AO Arena.