By Anthony Noto

Cable television magnate Rocco Commisso has purchased a majority stake in professional soccer club the New York Cosmos. According to Sports Illustrated, the purchase was contingent on extending the team's division status for the North American Soccer League (NASL) in 2017. Once that was sanctioned, a deal was cut with Seal Sports and CEO Seamus O'Brien.

And now the team is reportedly moving its base from Long Island to New York City. As part of the deal, O'Brien and his ownership group will be minority partners. Commisso, chief executive of Mediacom Communications Corp., and chief operating officer Erik Stover told reporters that management would pay all employees (players and front office personnel) who were owed, even if they were laid off.

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Source: http://www.bizjournals.com/