McCabe has sold a 50 per cent stake in the club's holding company to Prince Abdullah for £1 and the new co-chairman has promised to finance the Blades' bid to get back in the Barclays Premier League.
"The history and heritage goes without saying when you look at Sheffield United and where we came from," said McCabe, who has spent a reported £100million of his own fortune on the club since joining the board in 1995.
"He realised we'd got a fantastic football infrastructure with our stadium and the academy and we explained how we'd changed from last season to be much more structured on the United way of player recruitment, of not wasting money, which we've done these last few years, which hasn't worked.
"We've willy-nilly been bringing in players, because they've been available, who have not fitted the profile.
"So we talked him through the change. I talked to him earlier about our recruitment of David Weir as manager, explaining the raisin d'etre behind it, which he was fully in agreement with.
"So there's the United way, the recruitment process, which got a big tick, the academy structure, massive tick, the infrastructure of the stadium and the academy, two ticks.
"And then there's this recognition that there's only one thing wrong with us - we're in the wrong blessed league, so it was recognised that the firepower of the Prince's investment was only needed for one thing, which is first-team football."
- Sports & Recreation
- Sheffield United
- Barclays Premier League