Gary Neville, Phil Neville, Ryan Giggs, Paul Scholes and Nicky Butt confirm their acquisition of the non-league club, which plays in the eighth tier of English soccer.
The group, which comprises Gary Neville, Phil Neville, Ryan Giggs, Paul Scholes and Nicky Butt, had been in negotiations with the non-league outfit for the past month before reaching an agreement Thursday, with the purchase set to be complete in the summer.
A statement read: "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."
"I had my first trial for Manchester United in Salford at age 11 and I will never forget how important that was to me," added Gary Neville. "Salford City FC, to me, represents those early years, the commitment, hunger, enthusiasm, desire and spirit of football and I am very excited about this venture."
Scholes said: "We know it will be tough but we will be committed to this from the start and have some very exciting plans going forward."