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Closing Bell

MLS Shutters Chivas USA; New Club, Owners To Be Unveiled

MLS today formally announced that Chivas USA will cease operations, effective immediately. The league on Thursday will announce a new L.A. club and ownership group, with plans for the team to begin play in '17. The league will have 20 clubs for the '15 season with the addition of NYC FC and Orlando City SC (MLS). Reports indicate the new club's owners will be "led by Vietnamese-American businessman Henry Nguyen," with minority partners including Dodgers and Warriors co-Owner Peter Guber and U.K. soccer club Cardiff City Owner Vincent Tan (SI.com, 10/27).

A source said that the "ownership group paid more than" $100M for the team (NYTIMES.com, 10/27). The team "is to play in a new soccer-specific stadium." Locations under consideration include Exposition Park near the USC campus (LATIMES.com, 10/27).

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