Paul Kemsley, the former vice-chairman of Tottenham Hotspur, is reported to have bought the New York Cosmos.

Kemsley, whose £500m empire imploded in June, plans to turn the team into a global lifestyle brand with retail, leisure and musical arms. Brazilian legend Pele will be president of the company while Simon Greenberg, the departing director of Communications and Public Affairs director at Chelsea, is also said to be on board.