José Antonio Camacho [File photo]

José Antonio Camacho has reached a large compensation agreement with representatives from China Football Association and sponsor Wanda Group, Titan Sports reports.

China Football Association (CFA) decided to terminate its contract with national soccer head coach Camacho June 22 after an embarrassing 1-5 loss to Thailand in a friendly match that outraged Chinese soccer fans and the general public alike. The former Spanish and Real Madrid head coach will be compensated 6.45 million euro (US$8.36 million ), a year-and-a-half's salary.

No executives for CFA were present for negotiations. Instead, three CFA attorneys were sent to negotiate a settlement with Camacho's attorney and a publicist for Wanda Group Monday.

The CFA contract with Camacho was set to expire in December 2014. When it was terminated early, Camacho requested that he be paid for the time left in his contract.

But, according to a Titan Sports reporter, the real cause for delay in negotiations with Camacho was not the salary itself, which Wanda Group had already sent to the CFA. Instead, the CFA was concerned about the fact that it would still be taxed 25 million yuan (US$4.08 million) on Camacho's salary, even in the coach's absence.

Camacho took over from previous head coach Gao Hongbo in August 2011, signing a three-year contract for a reported US$8 million a year.

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