Last updated on .From the section Football

Manchester United's 'Class of 92' with another of their group, David Beckham, and ex-manager Sir Alex Ferguson

The acquisition of non-league Salford City by a group of former Manchester United footballers and their business partner Peter Lim has been approved.

Ex-United quintet Gary and Phil Neville, Ryan Giggs, Paul Scholes and Nicky Butt, who agreed to take over the club in March, will have 50% ownership.

Lim, who has just taken over Valencia, has acquired the other 50% stake.

The Football Association and the Northern Premier League have both ratified the deal.

Salford City are currently third in Division One North of the Northern Premier League, six points behind leaders Darlington 1883 with two games in hand.

They play in the eighth tier of English football, alongside FA Cup giantkillers Warrington Town.

Singapore-based self-made billionaire Lim, 61, is estimated by Forbes to be worth £1.5bn, but withdrew a £320m bid to buy Liverpool in 2010.

When the link-up was announced in September, the Neville brothers, Giggs, Scholes and Butt said they have known Lim for more than 10 years, and expect "exciting times" for the club.