Peter Lim set to buy stake in Class of '92-owned Salford City

Singaporean billionaire Peter Lim has agreed to buy 50% of Salford City, according to overnight reports in the British press.

The Evo-Stik Division One North club is currently owned by Manchester United 'Class of 92' legends Ryan Giggs, Gary and Phil Neville, Nicky Butt and Paul Scholes who had themselves bought the club ahead of the 2014/15 season.

A statement released by the 'Class of 92' 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.”

Lim, worth an estimated S$3.04 billion, withdrew a bid to purchase Liverpool in 2010, and is currently finalising a deal to buy Spanish giants Valencia FC.

BBC Sport report that paperwork has been submitted to the Football Association, and that approval is needed before the share acquisition can be finalised.

FourFourTwo reached out to Lim's representatives in Singapore, but there was no comment at this time.