Esplanade Real Estate, which represents Sheffield United FC and the Scarborough Property Group, had previously vowed not to come in again for the club after the last effort to buy it failed.
However, it has now finally succeeded in winning the right to purchase the club. Prior to the sale, there had been five failed tenders.
After the last tender, Ferencvaros head Gyorgy Rieb expressed his extreme disappointment, but this time he was much happier.
"I am unbelievably happy, and I believe Ferencvaros fans in the country and beyond will be feeling the same way," Rieb said in a statement. "What has happened today will have an powerful effect on Ferencvaros."
Esplanade Real Estate bid 3.035 billion forints (16.84 million dollars). As part of the deal, the company must pay 800 million forints for shares in the football club and spend 2 billion forints on renewing the stadium within the next two years.
Esplanade must also guarantee Ferencvaros use of the stadium for the next 25 years. Rieb said the contracts should be signed in March.
Ferencvaros, affectionately knows as Fradi, is Hungary's most successful club with 28 league titles and 20 Hungarian Cup titles to its name, as well as some success in European competition, but it has fallen on hard times recently.
It owes around 2 billion forints, and these financial difficulties led to the club being relegated to the second division for the first time in its history prior the 2006-2007 season.
As well as planning to completely rebuild Ferencvaros's crumbling stadium, McCabe said he wants to help bring the football side back to its former glories by exchanging players with his British side.
Rieb said that McCabe had promised to send four players to Ferencvaros next week to help with the promotion push.
Sheffield United has been expanding its worldwide network, and Ferencvaros will join Chinese side Chengdu Blades and Belgium's Royal White Star Woluwe in its portfolio.