According to the Wall Street Journal, Steinfeld will partner Dave Morrow, founder of equipment maker Warrior Lacrosse and Timothy Robertson, former chief executive of the Family Channel, in the venture.
SFX Entertainment have also bought into the new league, while six local investors paid $1.6 million for a team and a share of the league's ownership.
"The goal here is to expand the brand, expand the sport of lacrosse," Steinfeld was quoted as saying. "We know how difficult it is with start-up leagues. We're all witnessing the XFL."
So far, the league has signed up three U.S. sponsors - Anheuser-Busch's Bud Light brand, Yahoo! and PepsiCo's SoBe Beverages - and a deal for five games to be shown in the U.S. on the Fox Sports Net cable network.
The teams are based on the U.S. East Coast, in Baltimore; Boston; Bridgeport, Connecticut; Montclair, New Jersey; Rochester, New York; and Islip, New York, on Long Island.
The clubs will play at minor-league baseball or small college stadiums.
