Ground has been broken on the US$250m (£188.7m, €222m) stadium being built for future Major League Soccer (MLS) franchise Los Angeles FC.

The Gensler-designed arena – which will seat up to 22,000 spectators – is expected to be completed in time for the 2018 MLS season, when the team will join.

To coincide with the event, the football club has signed a strategic partnership with the Banc of California, which will see the financial institution gain naming rights to the stadium.

According to Los Angeles FC, the stadium will “bring more than US$350m (£264.3m, €310.7m) in private investment" to the south of the city, with the development including a large public plaza, restaurants, retail store, conference and event centres and leisure facilities.

The team has a star-studded ownership team, with Hollywood actor Will Ferrell, former basketball star Earvin ‘Magic’ Johnson, Tony Robbins and Peter Guber, all holding equity.

“It has always been important for me to invest in projects that create and support jobs in communities that are often overlooked, especially here in Los Angeles,” said Johnson. “The shovels in the ground today mean real dollars are now flowing into this community, benefitting thousands of people.”

When Los Angeles FC finally kicks off in 2018, it will be the second MLS team competing in the league from the city alongside the well-established LA Galaxy.