Former Manchester United defender Gary Neville has bought out fellow Salford shareholder Peter Lim as the Class of ’92 pave the way for a new strategic partner to help take the club forward.

The move brings an end to Singaporean businessman Lim’s 10-year involvement with the League Two outfit.

Under Lim, Neville and his brother Phil, Nicky Butt, Ryan Giggs, Paul Scholes and David Beckham, the club achieved four promotions in the first five years and won a place in the Football League in 2019.

In announcing Lim’s departure, the Class of ’92, who saw Salford lift the EFL Cup in 2020, have restated their commitment to trying to take the club to the next level.

A statement 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.”

Neville and his fellow co-owners have been looking for new partners for some time and have signalled their intention to continue that process as they attempt to improve upon last season’s 20th-place finish.

Chief executive Butt said: “Peter’s support has allowed us to become an established League Two club with a unique ownership. We are committed to the future growth of this club in the best interests of the supporters, stakeholders and the local community.

“We continue to explore options to potentially work with additional new strategic partners to assist us in achieving our ambitions for the club.

“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.”