The Class of '92 have agreed a remarkable deal that will see Singapore billionaire Peter Lim assume a 50 per cent stake in Salford City.

Sportsmail can reveal that five former Manchester United stars - Gary and Phil Neville, Paul Scholes, Ryan Giggs and Nicky Butt - will each retain 10 per cent of the non-League club.

The terms of the deal dictates that the Class of '92 will collectively maintain an equal share of the power. Lim, however, will become the leading individual shareholder after acquiring 50 per cent of the club. The deal remains subject to FA approval.

Nicky Butt (left), Paul Scholes (second left), Gary Neville (second right) and Ryan Giggs watching Salford City

Lim, 61, is estimated by Forbes to boast a net worth of £1.5billion and intriguingly, he made a bid worth in excess of £300m to buy Liverpool in 2010, before the Merseyside club was sold to Fenway Sports Group.

Singapore businessman Peter Lim, pictured in 2010, will have a 50 per cent stake in Salford City

Despite his flirtation with Liverpool, Lim is a lifelong Manchester United supporter and he is believed to enjoy a long-standing professional relationship with the former United players.

Lim is the owner of Manchester United Food and Beverage (Asia), where he has developed a chain of United restaurant and bars in the Asia Pacific Region.

It is understood that the official documentation will be received by the FA on Monday and the prospective owners do not anticipate any hiccups. If all goes as expected, the Class of '92 and Lim will be confirmed and ratified as the new owners of Salford City in the near future.

The five former players agreed a deal to take over Salford in the spring but the application has been delayed while legal issues were resolved.

The process should now accelerate after the papers are transferred to the governing body this week.

The Class of 92 quintet said in a Salford City statement: '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'.

The club have made an unbeaten start to the season and they sit four points clear at the top of the Evostik League Northern Premier after manager Phil Power guided his team to six victories from their opening seven league games.

Phil Neville (back row left), Butt (front row left), Gary Neville (front row, second left), Giggs (front row, second right) and Scholes (front row right) all retain a 10 per cent stake in Salford City

It is understood that neither the Class of '92 nor Lim have any intention, as things stand, of altering the management structure in place at the club.

The potential for rapid growth at Salford City is believed to have tempted Lim to come on board. Certainly, Salford now find themselves in an immensely privileged position for a club in the eighth tier of English football.

There will be many Football League clubs glancing envious glances towards Salford, who now possess the expertise of five of Manchester United’s most famous sons as well as the ambition and wealth of billionaire Lim, who is ranked by Forbes as the ninth richest man in Singapore.

The objectives for the new owners are clear: to establish Salford City as a breeding ground for young local talent while the owners are also united by their long-term dream to guide the club into the Football League.

Lim is viewed as an ideal partner due to his track record of investing into sport and community projects.

It is believed that the self-made businessman has pledged £20m in the last five years alone to aid community initiatives.

Butt (second right) and Gary Neville (second left) watching Salford City earlier this season

MAN GOING OUT ON A LIM Lim is a 61-year-old Singapore businessman He is Singapore's ninth richest man and worth £1.5billion, according to Forbes Lim is a Manchester United fan but tried to buy Liverpool in 2010 He has a professional relationship with the Class of '92 He is close to sealing a takeover of Valencia Advertisement

A spokesperson for Lim is: 'Peter met with the lads a few months ago and they explained their plans and rationale for Salford City FC, The Academy and the investment in grassroots football. What the lads want to accomplish resonated strongly with Peter who shares a common belief with the lads in youth development through sports.

'Peter has high regard for footballers’ talents and dedication to their sport. He is convinced that the legends’ sporting training has imbued them with values such as humility, discipline and the tenacity to succeed. He hopes that these values can be cultivated in the young footballers who will come through SCFC’s programme.

'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”