Los Angeles FC, the Major League Soccer (MLS) franchise co-owned by Hollywood actor Will Ferrell, has unveiled plans to spend US$30m (£23.5m, €26.8m) on a new training facility.

The facility will be built on the campus of California State University, and will be the third most expensive in MLS history following the US$60m (£46.9m, €53.6m) investments made my Atlanta United and Real Salt Lake in their respective training centres.

Designed by Gensler – the architecture firm behind the club’s soon-to-be-built Banc of California Stadium – the complex will see the university’s stadium, locker rooms, sports medicine facilities and office space extensively renovated.

Hunt Construction Group has been appointed to build the two-story facility.

As well as funding the whole project, Los Angeles FC has pledged an additional US$1.5m (£1.2m, €1.3m) contribution to the university.

Tom Penn, the club’s president and co-owner, said the university campus was the “perfect home for our team”.

“We look forward to developing world-class players and talent for decades to come at Cal State LA,” he added.

Los Angeles FC, which Ferrell and Penn co-own with former basketball star Earvin ‘Magic’ Johnson, self-help guru Tony Robbins and film producer Peter Guber, will enter the MLS at the start of the 2018 season.