David Beckham is set to take a 10 per cent stake in Salford City alongside his former Manchester United team-mates Gary Neville, Phil Neville, Ryan Giggs, Paul Scholes and Nicky Butt.
Gary Neville headed a news conference on Wednesday to confirm Beckham would take an equal shareholding in the National League to his fellow "Class of 92" graduates from the United youth system, subject to ratification from the Football Association.
Singaporean businessman Peter Lim remains the largest single shareholder at Salford, with 40 per cent.
"We wanted to announce it on our terms," Neville said, flanked by his other ex-United colleagues at a briefing Beckham was unable to attend.
"We know there's a process to go through and we can't be presumptuous that he will be accepted.
"David will attend a game at the earliest possible opportunity as the FA do their due diligence with the process.
"We don’t know how long it will take. We've applied today. The FA are seeing the documentation for the first time today.
"David has signed the forms but you have to enter the process to determine fit and proper ownership."
Beckham, 43, is already actively involved in club ownership in the United States as an investor in the MLS expansion franchise Inter Miami, which is due to start playing in the 2020 season.
"It's a proud moment for me to join Peter Lim and the Class of ’92 lads as an owner of Salford City FC,” said the former England captain in a statement on Salford's official website.
"It's a really special club and a special group of people. My early years in Manchester were all spent in Salford. I grew up there in many ways so to be able to finally join the lads and the club is a great feeling."
Giggs, Scholes, Butt and the Nevilles took charge at Moor Lane in 2014 and have overseen three promotions in four seasons, with Salford now pushing for a place in the Football League.
Should they achieve that aim, they could take on current League Two club Oldham Athletic, who have once again been linked with appointing boyhood Latics fan Paul Scholes as their new manager.
"There’s nothing to report on that. Whether it's in the next year or two years I want to get into football," Scholes said.
"Whether that will mean something regarding my involvement with Salford I don’t know yet. I’m not too sure what the rules are.
"I’ve half-enjoyed the media work but I want to get back into football. I want that sense of achievement."
Scholes stated he has received offers to go into frontline coaching, just nothing to entice him as yet.
"There have been a couple of things but nothing that has felt quite right," he added.
"Nothing like Frank Lampard at Derby. I speak to the lads about it - Nicky, Ryan and Phil in big jobs, Gary at Valencia. I’m not short of sources for good advice."