Manchester United’s Class of 92 were said to be fronting a bid to buy Manchester United, but instead they have acquired non-league Salford City.
Ryan Giggs, Phil and Gary Neville, Paul Scholes and Nicky Butt, who along with David Beckham became known as the Class of 92, plan to use the club to nurture young talent.
Salford City are currently 11th in Evo-Stik League, Division One North, the eighth tier of English football.
A statement issued by the club last night said: “It hasn’t been the best kept of secrets but a group of eminent local footballers have confirmed their intention to acquire Salford City Football Club.
“Gary Neville, Phil Neville, Ryan Giggs, Paul Scholes and Nicky Butt have exchanged on a deal to acquire Salford City Football Club subject to FA and League approval. The deal is due to complete in summer 2014.
“The group grew up together at Manchester United and forged a great friendship and love of the club and are still fans today however Salford is close to all their hearts. Manchester United nurtured and developed them but Salford is where it all began, so when the opportunity arose to acquire Salford City FC it was one they all wished to pursue.
” They want to put back into the community of Salford and surrounding areas, they want to develop and engage especially at grass roots level.
Ryan Giggs said: “We want to engage the football community, use our football experience and knowledge to aspire and nurture young talent and being able to do that in Salford makes it even more exciting”
Gary Neville added: “Salford City represents those early years, the commitment, hunger, enthusiasm, desire and spirit of football and I am very excited about this venture.”
“For clarity, no name change, no ground change and management and committee as before!”
It had been suggested the Class of 92 group were fronting a £2bn Middle East bid for United.