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Former head coach of »Ê¹ÚÌåÓýapp¡¯s national team Jose Antonio Camacho after »Ê¹ÚÌåÓýapp claims a 4-0 victory over Singapore at World Cup Qualifiers for Brazil 2014 On November 15, 2011, file photo.[Photo/Xinhua]

»Ê¹ÚÌåÓýapp¡¯s main governing body for soccer will shell out 51.5 million yuan (€6.45 million) 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 »Ê¹ÚÌåÓýapp'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) 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 »Ê¹ÚÌåÓýapp¡¯s national team with an annual 22.3 million yuan (€2.8 million) 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.