Wanda set to pay Camacho compensation fee
- By Xiang Bin
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E-mail China.org.cn, June 25, 2013
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Jose Antonio Camacho at a press conference before China's 2014 World Cup qualifying match against Kuwait. |
Chinese real estate giant Dalian Wanda will reportedly meet what is thought to be a huge compensation fee triggered by the sacking of Jose Camacho by the Chinese Football Association (CFA), according to the Beijing Times.
The CFA announced on Monday that it had reached an agreement with Camacho to terminate his contract as national team coach, citing China's poor performance at international level as the main reason for Camacho's sacking.
According to the terms of Camacho's contract, the CFA is obliged to pay him a compensation fee which is rumored to be in the region of 28 million yuan ($4.6 million). According to reports in the Beijing Times, the fee will be paid by Dalian Wanda, a Chinese real estate giant, although the exact figure has yet to be determined.
Wanda signed a comprehensive agreement with the CFA in 2011 to provide financial support to Chinese soccer. According to the contract, Wanda will inject 500 million yuan ($77.3 million) over three years to boost Chinese soccer. The investment will be channeled into youth development, the upgrading of the domestic league, the training of officials and inviting world-class foreign coaches to help develop the men's and women's national teams.
In the wake of Camacho's sacking, the CFA issued an apology to fans for the way it has managed and developed the country's domestic game. The association also vowed to revamp its hiring criteria and processes, as well as eradicate the existing legal loopholes and risks in contracts.
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