Gary and Phil Neville, Ryan Giggs, Paul Scholes and Nicky Butt have equal shares in the other 50 per cent of the club, who are top of their division.
The former United players took a stake this year with the goal of developing local talent and ultimately taking the club into the Football League.
Lim was linked with a move to buy Liverpool in 2010 and is poised to buy a 50 per cent stake in Spain's Valencia. He is estimated by Forbes magazine to be worth around 1.5 billion pounds ($2.45 billion).
In a statement, the ex-United quintet said Lim's experience would be invaluable as they continue with their unlikely quest to turn Salford, located on the outskirts of Manchester, into a football force.
"When we set out upon this journey we always knew at some point we wanted external partners involved, people who would share our vision for Salford City FC.
"Peter's love of sport, above all football, is well documented," the statement said.
"He has an incredible track record in business as well as youth and community engagement, especially at grassroots level. Peter's experience and knowledge can help take the club to where we believe they can be."
The move is awaiting approval by the English FA which should be a formality.
Salford's chairwoman Karen Baird said: "It's been a great start to the season, we are very excited about the future for the club and what can be achieved.
"The most important aspect for us is that we continue to bond with our community and city and we have assurances this will happen."
(Reporting by Mike Collett; Editing by Robert Woodward)
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