Schuster gets big payout from Real Madrid

German coach Bernd Schuster will receive 4.5 million euros (5.8 million dollars) in compensation from Real Madrid after he was replaced Tuesday by former Sevilla and Tottenham boss Juande Ramos, Spanish media reported Wednesday.

The reigning Spanish champions parted company with the 49-year-old, who was under contract with the club through 2010, by mutual accord on Tuesday after a string of poor results.

Sports daily Marca said Schuster arrived quickly at an agreement on the amount of compensation and said goodbye to the squad which he had coached since 2007 by text message.

He said he was “relieved” after his departure was announced, it added.

Schuster led Real to their record 31st league title last season, his first in charge of the club.

But he had been under massive pressure following Real's 4-3 home defeat on Sunday to Sevilla — the team's third defeat in four league games and a result that left the club nine points adrift of leaders and arch rivals Barcelona.

Ramos, 54, was given an initial six-month deal during which he will earn around one million euros, Spanish media reported.

He reportedly earned around 1.6 million euros per year at Sevilla and over five million euros per year at Tottenham.

Ramos guided Tottenham to the League Cup last season but was sacked by the English side in October following the London club's worst start to the season which left the team at the bottom of the Premier League.

But he enjoys a healthy reputation in Spain based on his successes with Sevilla which included two UEFA Cup wins in 2006 and 2007.

Real, football's richest club by revenue, approved Sunday its accounts for fiscal 2009 which forecast a 9.4 percent rise in sales over the previous year to a record 400.2 million euros.