In order to “pave the way for a new strategic partner,” League Two team Salford City announced that Gary Neville has purchased co-owner Peter Lim’s stake.
Former England full-back Neville purchased the squad in 2014 with Lim, his brother Phil, Nicky Butt, Ryan Giggs, Paul Scholes, and David Beckham, all members of Manchester United‘s “Class of 92.”
At the time of the club’s acquisition, which occurred when they were in the eighth division of English football, Singaporean millionaire Lim owned 50% of the shares.
A joint external statement from the Class of 92 said, “We cannot thank Peter enough for his support, friendship, belief, and loyalty to us for over 10 years, not only in Salford City but in other projects that we have worked on together.”
“Peter has been integral in helping to create a legacy at Salford City that we are now determined to build on.”
After the takeover, Salford won four promotions in five seasons and reached the English Football League in 2019.
They went on to win the EFL Trophy in 2021, the first major trophy in their history.
“Peter’s support has allowed us to become an established League Two club with a unique ownership,” Butt, who is now the club’s chief executive officer, added.
“We are committed to the future growth of this club in the best interests of the supporters, stakeholders and the local community.”
Since Salford reached the EFL in 2019, however, the club is yet to win a further promotion to the third tier and beyond.
The club reached the League Two play-offs in 2023, but were defeated by Stockport County in the semi-finals after Salford’s best finish, seventh place, since joining the EFL.
They slipped to a disappointing 20th last season, with manager Neil Wood replaced mid-season by Karl Robinson.
“We continue to explore options to potentially work with additional new strategic partners to assist us in achieving our ambitions for the club,” Butt continued.
“We are as excited as ever about the new football season and remain focused on strengthening our playing squad and achieving future success on the field alongside the continued development of the football club.”