File photo of former head coach of China's national team Jose Antonio Camacho. [Photo: china.org.cn]
China's main governing body for soccer will shell out 51.5 million yuan (6.45 million euros) to former Chinese national team coach Jose Antonio Camacho and his team for ending his three-year contract 18 months early, Titan Sports, one of China's most influential sports newspapers, reported Wednesday.
The Chinese Football Association is also facing a hefty income tax bill of 25 million yuan (3.14 million euros) for the severance payments, which is equivalent to 18 months' salary, said the report.
The deal was struck among CFA, its sponsor the Wanda Group and Camacho's legal team on Tuesday afternoon.
Camacho, 59, a former Spain coach, was appointed head coach of China's national team with an annual 22.3 million yuan (2.8 million euros) contract in August 2011. CFA decided to sack Camacho after a string of high-profile losses under his leadership, including a 5-1 defeat by Thailand last month.