Real Madrid have agreed to pay Carlo Ancelotti €4million after deciding to sack him earlier this week, reports Goal.
Florentino Perez announced the regrettable decision on Monday as a response to Real Madrid's failure to win a major trophy this season.
The decision came despite the fact that Ancelotti had triumphed where so many great managers had failed by winning the club's tenth Champions League title, La Decima.
Ancelotti would have been aggrieved by the decision but surely expected the news after seeing the likes of Fabio Capello and Manuel Pellgrini succumb to the same fate.
However, the blow of losing his job has been softened significantly after Real Madrid agreed to pay him 50 per cent of his remaining contract, equal to €4m.
The real heartbreak
There was hope from Ancelotti that he would get every penny from his remaining contract, but a clause in the contract had prevented such an instance from occurring.
The real heartbreak for Ancelotti will be his failure to win La Liga. Doing so would have seen him win a fourth major league title in four of Europe's top five leagues.
He has already won a Serie A title with AC Milan, the Premier League with Chelsea and Ligue 1 with Paris Saint-Germain.
A year off
The 55-year-old has already confirmed that he now plans to take a year off before getting back into management.
"My future is clear in my head. I will continue here at Real Madrid or I will stop for a year," Ancelotti said.
"I think we are going to meet next week to clarify the future of the club."
There will also be some explaining to do to some of the Real Madrid stars, who had recently publicised their support for Ancelotti.
Notably, Ronaldo tweeted a picture of he and Ancelotti together with the message: "Great coach and amazing person. Hope we work together next season."
Perez is now working hard to appoint a successor with Napoli boss Rafa Benitez expected to take charge early next week.
Benitez has won the Champions League with Liverpool and has impressed during a two-year spell with the Serie A outfit.
Napoli have called a press conference for Thursday and are expected to announce Benitez's departure.
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