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Peter Lim, who tried to buy Liverpool and is set to take over Valencia, has acquired a 50% stake in Evo-Stik Division One North club Salford City.

Ex-Manchester 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.

In a statement, they said businessman Lim's experience would be "invaluable".

The takeover is subject to Football Association approval.

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.

The Neville brothers, Giggs, Scholes and Butt say they have known Lim for more than 10 years, and expect "exciting times" for Salford City, who are top of their league in the eighth tier of English football.

They said: "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.

"Peter's 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. Peter's experience and knowledge can help take the club to where we believe they can be."

A spokesperson for Lim said the businessman was impressed with the vision of the Class of '92 players and he shares a common belief "in youth development through sport".

Salford's current chairwoman, Karen Baird, said: "The formal process of the takeover of the club has begun with the FA. It's been a great start to the season, we are very excited about the future for the club and what can be achieved.

"The most important aspect for us is that we continue to bond with our community and city and we have assurances this will happen."