Owners of Major League Soccer's (MLS) Los Angeles FC have bought out half of a 20 per cent stake held by Malaysian businessman Vincent Tan in a deal which values the franchise at more than US$700 million, according to Bloomberg, reports, www.sportspromedia.com/.

The apparent agreement makes LAFC the highest valued club in the North American soccer league, eclipsing the US$500 million valuation placed on FC Cincinnati by former Ebay chief executive Meg Whitman's acquisition of a minority stake last year. In Forbes' 2019 most valuable MLS franchise rankings, LAFC were valued at US$475 million, with Atlanta United topping the list at US$500 million.

According to Bloomberg, LAFC's ownership group also plan to buy the other half of Tan's stake.