The New York Cosmos are planning a 25,000-seat soccer stadium at Long Island's Belmont Park racetrack.
The $400 million privately funded project requires the approval of New York's Empire State Development Corporation.
The proposal also includes plans for restaurants, retail space, a hotel and a park. It would be built in a corner of the Elmont property that borders New York City.
The Cosmos franchise folded in 1984, but was revived last year. In the 1970s, the team featured international stars like Pele and Franz Beckenbauer. The new version plays in the North American Soccer League.
If approved, the stadium could open in 2016. Team Chairman and CEO Seamus O'Brien also pledged $2.5 million for community soccer fields.
Each June, the racetrack hosts the final leg of horse racing's Triple Crown, the Belmont Stakes.