The ownership group is led by New York natives Jo-Ellen Treiber and Doug Petersen.
"We are excited to bring professional soccer back to New York," says Petersen. "The USL First Division has established itself as a highly respected and competitive professional league in North America. Our group will rise to and relish the challenge of putting together an organization on and off the field worthy of the greatest city of the world. It is also our intention to announce a European club affiliate in 2009 to aid the club's effort moving forward."
The ownership group's ambitious plans also include the construction of a privately financed stadium.
Austin Aztex and Cleveland City Stars begin play in 2009, while the Tampa Bay Rowdies and FCNY will debut in 2010, making up for the eventual loss of three markets to MLS teams -- Seattle, Portland and Vancouver.
FCNY will play at Hofstra's 13,000-seat Shuart Stadium, the former home of the New York Cosmos. While it will play in Nassau County, FCNY's shield is representative of the Queens flag.