Major League Soccer's newest franchise, Los Angeles FC, launched last night - with Hollywood star Will Ferrell as co-owner.

The former Saturday Night Live star, best known for comedy films such as Elf and Anchorman: The Legend of Ron Burgundy, joins former LA Lakers star Magic Johnson and ex-women's national team footballer Mia Hamm in a star-studded ownership group.

Having been called on to the stage at the team's launch event when Hamm asked "You want in?", Ferrell announced: "This is not a joke. I'm actually a member of this fine ownership group."

Cardiff chairman Vincent Tan and QPR director Ruben Gnanalingam also feature in a 26-strong ownership group under president Tom Penn, formerly vice-president of the NBA's Portland Trail Blazers and now an analyst for ESPN, executive chairman Peter Guber and managing partner Henry Nguyen.

Regarding the sprawling club structure, Nguyen said: "From the outside it seems cumbersome. It's a joy to have such a collection of incredibly successful, experienced, talented people contributing their ideas."

The new franchise will enter the league from 2018 as the replacement for now-defunct Chivas USA. They will become LA's second team after the Galaxy, who number former Premier League stars Robbie Keane and Steven Gerrard among their squad.

LAFC will play in a purpose-built 22,000-seat stadium in the south of the city, adjacent to the University of South California's American football stadium.

Thursday also saw them unveil their crest - the letters LA with a wing incorporated into the A, in the club's black-and-gold colour scheme.