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Cardiff City owner Vincent Tan has confirmed he will be investing in a new Los Angeles based Major League Soccer club as part of a big-name consortium.

The Bluebirds owner will join Hollywood producer Peter Guber, venture capitalist Henry Nguyen and Basketball analyst Tom Penn at the top table of a rebranded club that will replace Chivas USA in the MLS.

Tan, who revealed he could invest in the MLS during a Sky Sports interview last month, confirmed his part in the $100m plan at the Forbes Global CEO Conference in Singapore.

After weeks of Stateside speculation, Channelnewsasia today quote the Bluebirds owner as saying the official announcement will take place in “the next couple of days," adding that he considers investing in football as “the new frontier.”

Tan told the audience that he was in football for the long-term, adding: “I have lost enough money to have learnt how to earn money in football.

“New investors like me want to disrupt the football industry and I believe I will make money - it just needs time.”

Who are Tan’s business partners?

Peter Guber

The Hollywood film producer has worked with actors like Dustin Hoffman, Tom Cruise, Jack Nicholson, Sigourney Weaver and Michelle Pfeiffer on films like Rain Man, Batman, Gorillas in the Mist and the Witches of Eastwick. He is also co-owner of the LA Dodgers baseball team and Golden State Warriors in the National Basketball Association.

Gallery: The stars who Peter Guber has worked with

Henry Nguyen

The man who took McDonalds to communist Vietnam after a 10-year crusade is a Vietnamese-American who started his working life flipping burgers before embarking on the dream of taking the golden arches to his homeland.

The Ho-Chi-Minh City based tycoon is expected to lead the the consortium and take the majority shareholding in the newly formed club.

Tom Penn

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As well as being an ESPN TV personality, basketball analyst Penn is also a qualified lawyer and agent. He is the president of Sports Leadership Institute, a company that organises private leadership summits for global sports owners and pro sports executives. In 2012 he reportedly rejected the position of general manager at the Philidelphia 76ers to keep his job at ESPN.

Why are Chivas USA being replaced?

Chivas USA fans support their team for the last time

Yesterday MLS pulled the plug on Chivas USA after 10 years of existence, after they finished the regular season with a win against San Jose Earthquakes.

The club, based in the LA suburb of Carson, have struggled financially since 2010 and in February this year were bought by the MLS, who immediately announced plans to sell to a buyer dedicated to keeping the club in Los Angeles.

It is now expected the new LA based club will join Atalanta in kicking off the 2017 season in an expanded 22 team league.

Reports in the US suggest MLS will announce full plans for the club they are currently calling LA2 tomorrow and insist the rebranded club will not take forward any of Chivas’ history or records and their players will find new teams in a draft arranged before the end of this year.

MLS Players’ Union executive director Bob Foose said: “The Los Angeles market can and will successfully support two MLS teams, and we are confident that the new franchise will learn from the mistakes made by Chivas, and will be successful in every way.”

“As part of our new strategy for Southern California - a major hotbed of soccer participation and fan support - we believe that engaging with a new ownership group which has the resources and local community ties, and a plan for a dedicated soccer-specific stadium, provides us with the best chance for success.”

So what of Tan and Cardiff?

When he spoke to Sky Sports at the end of September, the Malaysian, who had just earned close to $1bn in a business deal insisted: “If I had known that it was so difficult and the problems that we faced, maybe I wouldn’t have invested.

“But having said that, I think it is a challenge and I believe that eventually this will end well. I believe that I can make this investment profitable.

“Of course, my friends think I’m crazy, that it is impossible to make it profitable, but I believe that it is possible, so time will tell.”

While speaking at the Forbes Global event, Tan, who also owns FK Sarajevo, in Bosnia, reiterated that he believes he will earn back the money he has lost in his existing football investments.

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