Scarborough Holdings, a property company was set up in 1980 by McCabe, today he sold his 60% stake of the company to Australian firm Valad.
A spokesman for United plc chairman McCabe, who is in Melbourne on business, said: "Kevin is 60. The opportunity came along and he took it as part of his own forward planning.
"He is bound to put some of it into the football club and his charitable foundations."
It is likely that some of the money will be reinvested into Sheffield United Football Club with Sheffield United PLC holding the 40% that wasn't bought out.