Salford City have been acquired by a new consortium led by David Beckham and Gary Neville that intends to “invest significantly” in the club.

The new shareholders also include US-based businessman Declan Kelly and Lord Mervyn Davies, who will both serve as co-chairs of the League Two side’s board.

Neville and Beckham were already co-owners at Salford alongside their former Class of ’92 Manchester United team-mates Nicky Butt, Ryan Giggs, Paul Scholes and Phil Neville, but they will no longer be shareholders although remain in roles at the club.

Singaporean businessman Peter Lim had been a majority shareholder since the initial takeover in 2014 before Neville acquired his stake last August.

Beckham said: “I grew up in Salford. I have such fond memories of my time living there and the place and its people played such an important part in my early life in football.

“Salford City is at the heart of its community. It has a rich history and I am delighted to be a part of the next chapter.”

Salford say the takeover has been “uniquely structured” through a members club made up of nine shareholders including Dream Sports Group (India’s leading sports technology company), Colin Ryan (founder, Clipper Street Capital), Frank Ryan (global co-chair, global co-CEO, and Americas Chair, DLA Piper), Nick Woodhouse (executive vice chairman, Authentic Brands Group), and Shravin Mittal (founder of Unbound).

“These shareholders have extensive experience working with many of the world’s biggest companies and brands,” Salford said. “The membership group has been specifically constructed to include executives drawn from different backgrounds across finance, legal, media, tech and entertainment sectors to maximise the impact and contribution they can have on the club moving forward.”

Neville added: “I am passionate about Salford City. This is a unique partnership with a diverse range of minds and expertise, held together by a love of football. Football will come first, however, it’s critical that we drive the club towards sustainability in the next 4-5 years. I can’t wait for the next part of this journey.”

Salford won four promotions in five seasons to reach the EFL following the Class of ’92’s takeover but their progress has stalled.

They finished a point outside of the play-offs this season under head coach Karl Robinson and will now start to prepare for their seventh consecutive League Two campaign.