The club have not released details of the deal which ends Singaporean businessman Lim's 10-year involvement with Salford, who now play in League Two -- the fourth tier of English football.
Salford, a city in Greater Manchester is within walking distance of Manchester United's Old Trafford ground.
The football club of the same name has become best known in recent seasons for the involvement of several members of the 'Class of 92' -- the outstanding crop of Manchester United youth players who went on to help the senior team dominate English club football under celebrated manager Alex Ferguson.
As well as Neville and his brother Phil Neville, the likes of Nicky Butt, Ryan Giggs, Paul Scholes and David Beckham have all been involved as Salford achieved four promotions in five years and won a place in the English Football League (EFL) in 2019 before lifting the 2020 EFL Cup.
"We cannot thank Peter enough for his support, friendship, belief and loyalty to us for over 10 years, not only in Salford City, but in other projects that we have worked on together," said a club statement issued Friday.
"Peter has been integral in helping to create a legacy at Salford City that we are now determined to build on."
Salford are now looking to build on last season's 20th-place finish with club chief executive Butt saying: "Peter's support has allowed us to become an established League Two club with a unique ownership.
"We are committed to the future growth of this club in the best interests of the supporters, stakeholders and the local community."
