Lim & Ex-Man. United Stars Buy Salford City

A Singaporean billionaire has bought a 50 per cent stake in Salford City - the club which is co-owned by five former Manchester United players - the Neville brothers Gary and Phil, Ryan Giggs, Paul Scholes and Nicky Butt.

Peter Lim, a Manchester United fan and owner of Valencia, tried to buy Liverpool for £320million in 2010 but his offer was rejected.

Lim owns several United-themed bars across Asia and his investment in the Evo-Stik League First Division North club means that the former Old Trafford favourites now own 10 per cent each.

The five former United players are known as the 'Class of 92' and a statement from them read: "When we set upon this journey we always knew at some point we wanted external partners involved, people who would share our vision for Salford City FC.

"We have all known Peter for over 10 years, his love of sport, above all football, is well documented. He has an incredible track record in business as well as youth and community engagement, especially at grassroots level.

"This will be fantastic for SCFC, Peter's experience and knowledge is invaluable and can help take SCFC to where we believe they can be, it's exciting times for the club."

A spokesperson for Lim added: "What the lads want to accomplish resonated strongly with Peter who shares a common belief with the lads in youth development through sports.

"The management of the club on a day-to-day basis, as announced back in March, will remain the same, this arrangement is important to all concerned."

Lim's business, Meriton Holdings Limited, bought the majority share in La Liga side Valencia only four months ago.

Valencia are currently fifth in the table after two wins and one defeat.