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Major League Soccer is a men's professional soccer league sanctioned by the United States Soccer Federation, which represents the sport's highest level in the United States and Canada. The league comprises 27 teams – 24 in the U.S. and 3 in Canada – and will expand to 30 teams by the 2023 season. MLS constitutes one of the major professional sports leagues in the United States and Canada. The league is headquartered in Midtown Manhattan. Major League Soccer was founded in 1993 as part of the United States' successful bid to host the 1994 FIFA World Cup. The inaugural season took place in 1996 with ten teams. MLS experienced financial and operational struggles in its first few years, losing millions of dollars and folding two teams in 2002. Since then, developments such as the proliferation of soccer-specific stadiums around the league, implementation of the Designated Player Rule allowing teams to sign star players such as David Beckham, and national TV contracts have made MLS profitable.