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Gary Neville, Phil Neville, Ryan Giggs, Paul Scholes and Nicky Butt have exchanged on a deal to acquire Salford City Football Club.

As revealed by the M.E.N., the members of United's famous Class of '92 were in talks to buy the Evo-Stik First Division North club and now, subject to Football Association and League approval, the deal has been agreed and is expected to be completed this summer.

In a statement, the five say that they grew up at United, have a great loveof the clubb and remain fans.

It adds: "However, Salford is close to all their hearts. Manchester United nurtured and developed them but Salford is where it all began, so when the opportunity arose to acquire Salford City FC it was one they all wished to pursue. They want to put back into the community of Salford and surrounding areas, they want to develop and engage especially at grass roots level.

Gary Neville said: "I had my first trial for Manchester United in Salford at age 11 and I will never forget how important that was to me. Salford City FC to me represents those early years, the commitment, hunger, enthusiasm, desire and spirit of football and I am very excited about this venture."

Scholes added: "We know it will be tough but we will be committed to this from the start and have some very exciting plans going forward."

A move from the club's Moor Lane ground to the AJ Bell stadium had been rumoured to have been on the cards, but Butt denied that was the case.

He said: "Moor Lane's sporting heritage dates back 320 years, the oldest of it's type in the Manchester area and this should be safe guarded so it becomes a lasting legacy for future generations."

Phil Neville added: "It is important to safeguard the hard work that is done in the lower leagues and it is going to be exciting to be able to feed our experience into the young players."

The group will take charge in summer 2014 but the current committee will continue to work in their roles on the day to day running of the club and assist the group in the future.

Salford City Football Club Chairman, Karen Baird, who was instrumental in the deal said;

'It is an exciting time for Salford City FC and I believe there are many more great achievements to come for the club. Without a doubt this deal will result in a very bright future ahead and is a great advert for non league football. The club are in full support of the group and believe it to be a very positive move both for Salford City FC and the City of Salford itself'

Ryan Giggs added: "Everyone knows how important Salford is to me, so this is an exciting acquisition that is right at the heart of what we all believe in. We want to engage the football community, use our football experience and knowledge to aspire and nurture young talent and being able to do that in Salford makes it even more exciting."

The group also distanced themselves from claims that they were planning to change the club's name to Salford '92.