Los Angeles Football Club's Banc of California Stadium officially unveiled in Exposition Park

EXPOSITION PARK, LOS ANGELES (KABC) -- L.A.'s newest soccer team now has a new home! The Los Angeles Football Club unveiled its brand new home field - the Banc of California Stadium.

A ribbon-cutting ceremony took place Wednesday in Exposition Park. In attendance were some of the club's owners, including Earvin "Magic" Johnson, the commissioner, Mayor Eric Garcetti, other city officials and Mia Hamm.

The $350 million stadium holds 22,000 seats and is located directly southeast of the Coliseum.

"Rarely can you say this, this exceeded expectations. It exceeded expectations. When you go and you walk through it, you can't help but say, 'Wow, I want to be here,' and that's the very purpose of this building, for the city to be here," said Peter Guber, executive chairman at LAFC.

Garcetti praised all who were involved in constructing the field, which he said was open to all.

"At a time when we can use some good news in this world, this is good news. At a time when we need a place where everybody belongs, everybody belongs in L.A. and everybody belongs at LAFC. We are LAFC. Somos LAFC. Bienvenidos. Felicidades. Let's go win," the mayor said.

Johnson also spoke at the ceremony, echoing the mayor's theme of unity and community.

"This is only a great city when everybody gets to participate, and we're standing here today because everybody got a chance to participate in building this beautiful stadium, and it's right in the heart of Los Angeles," Johnson said.

The Lakers alum said he firmly believes the new stadium will do what Staples Center did for downtown by "turning the area around."

"This might be the only stadium in America that right across the street, there is affordable housing, that's truly a true blessing...that means everybody gets to participate," he said.

Johnson also drew a parallel between the Lakers and the LAFC, saying "Just like we were able to turn the Lakers around into a championship team, we're going to do the same thing with this great soccer team, LAFC. We will be champions one day."

The Los Angeles Football Club is Major League Soccer's newest team. The club will host its very first game on April 29.