The New York Cosmos celebrated the birthday of club legend Pele with a billboard in Times Square
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Cosmos say they have funding for new stadium

NEW YORK – The New York Cosmos say they have the financing necessary to build a new stadium in New York City, according to a report in New Jersey’s The Record.

On multiple occasions, MLS Commissioner Don Garber has confirmed that the league’s priority is for the next expansion team to be a second NY-based club. That’s also the goal of the New York Cosmos.

"Our intent is to be the 20th team in MLS," Cosmos director of soccer Terry Byrne told The Record. "We’ve had several meetings with Mr. Garber and progressed very positively."

The Cosmos, who are led by former Tottenham executive Paul Kemsley, officially relaunched on Aug. 1 and have set up two academy programs on both coasts of the United States. Three of the club’s academy players have been recruited to join the US Under-17 residential program.

Two former MLS players are leading the youth development charge: Ted Chronopoulos and Giovanni Savarese, who recently filled the same role for the New York Red Bulls.

Along with adding former Liverpool CEO Rick Parry to their Board, the Cosmos also unveiled their new jersey and held a celebration of Pelé’s 70th birthday at Manhattan’s Planet Hollywood on Saturday. They rolled out a Times Square advertisement featuring the Brazilian legend for the occasion.

The Cosmos also have plans in 2011 to commemorate the 40th anniversary of the club’s formation.