Singapore - Singaporean billionaire Peter Lim has bought a 50 percent stake in non-league English side Salford City, which is currently owned by five former Manchester United players.
A source close to the deal told AFP in Singapore late Monday that Ryan Giggs, Paul Scholes, Nicky Butt and Phil and Gary Neville have sold the stake to Lim, 61, for an undisclosed sum.
The quintet, all members of United's celebrated "Class of 92", will each retain a ten percent stake in the club, the source said.
The deal is subject to approval from the Football Association, the source added.
The players in March this year agreed to purchase Salford, which is based near Manchester.
Salford was once home to The Cliff, United's training ground until 2000 and the place where the "Class of 92" took their first steps in professional football.
The players said they planned to use their direct involvement in the club to develop young talent in the Manchester area.
Currently, Salford play in the First Division North.
Lim, worth an estimated $2.4 billion, in May took control of debt-stricken Spanish club Valencia.
The publicity-shy businessman is a well-known Manchester United fan and owns a string of bars in Asia themed around the 20-time English champions.