The partnership brings together two of the most recognizable franchises in all of sports and two of the highest-profile owners in the Cowboys' Jerry Jones and the Yankees' George Steinbrenner. Legends Hospitality Management seeks to eventually work with other pro teams and college programs.
Former Pizza Hut president Michael Rawlings will serve as CEO.
Each club will move into a new stadium next year. Cowboys and Yankees officials said at a news conference Monday that the company will allow them to provide better food options for fans.