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Gary Neville has bought fellow co-owner Peter Lim's stake in Salford City to "pave the way for a new strategic partner", the League Two club has said.

Former England full-back Neville - along with Manchester United 'Class of 92' team-mates his brother Phil, Nicky Butt, Ryan Giggs, Paul Scholes and David Beckham - bought the club in 2014 alongside Lim.

Singapore-based billionaire Lim's shareholding was 50% upon the takeover of the club, who were in the eighth tier of English football at the time.

"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," a from the Class of 92 said.

"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."

Analysis - Neville taking responsibility for club's EFL status

���˿��� Radio Manchester's Bill Rice

Ten years ago when Manchester United’s 'Class of 92' – including Gary and Phil Neville, Ryan Giggs, Paul Scholes and Nicky Butt – agreed to take over then non-league Salford City, Peter Lim was a key player, taking a 50% stake in the club.

Lim oversaw the club’s rapid ascent as they climbed from the Northern Premier League Division One North to a place in the English Football League, and was on the pitch celebrating with the former United players at Wembley when they beat AFC Fylde in the National League play-off final in 2019.

The past five years have proved much more difficult though, with the club changing their manager five times, only making the play-offs once, and finishing 20th last season.

With small crowds, the club have been looking to attract outside investment for a while, but with no one yet coming forward, it seems Gary Neville is now taking on responsibility for keeping the club in the Football League.