Sheffield United plc chairman Kevin McCabe has won a tender to buy into Hungarian outfit Ferencvaros.
McCabe will now foster links between Sheff Utd and Ferencvaros
McCabe's Hungarian firm Esplanade Kft will buy the struggling club's real estate, including their stadium in the centre of Budapest, for £8.45m.
Ferencvaros - one of Hungary's most famous clubs - are estimated to be more than £5m in debt and were relegated to the second division in 2006.
The Blades already have an interest in a Chinese and a Belgian club.
In 2006, the Blades became the first foreign owner in Chinese football when they bought a stake in Chengdu FC and last year the club formed a partnership with Belgium's Royal White Star Woluwe FC.
Ferencvaros have a famous history with 28 Hungarian titles and 20 domestic cup wins to their name, and an appearance in the European Cup Winners' Cup final in 1975.
But recent times have been less kind to the club with five failed tenders to sell the real estate and ground over the past two years.
The deal will help Ferencvaros pay their debts and upgrade their stadium to meet Fifa and Uefa requirements.