Manchester United greats Paul Scholes, Ryan Giggs, Nicky Butt and the Neville brothers have clubbed together to buy Salford City, subject to FA and league approval.
The deal for the club, who play in the Evo-Stik League Division One North, is due to be completed later in the summer.
Confirmation of a deal which has been rumoured for several weeks comes on the same day as United rejected reports suggesting members of the 'Class of 92' could front a takeover deal at Old Trafford.
The group have strong roots in the area and hope they can help others follow their dreams as they did.
"I had my first trial for Manchester United in Salford at age 11 and I will never forget how important that was to me," Gary Neville said. "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."
With Giggs still an active player at United, Phil Neville on David Moyes' coaching staff and brother Gary involved with England, it is not yet known precisely what role they plan to take in their new venture, but it is understood there will be no immediate change to the management structure at Salford City.
Giggs added: "Everyone knows how important Salford is to me, so this is an exciting acquisition that is right at the heart of what we all believe in.
"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 tweeted: "Delighted to be part of @salfordcityfc in the future! For clarity - No name change/ no ground change and management and committee as before!"