David Moyes has reached agreement with Manchester United over the size of his pay-off, England's League Managers' Association announced Friday.
United sacked Moyes on Tuesday, just 10 months into the Scot’s six-year contract.
The past few days have seen seen Moyes and LMA representatives holding talks with faltering Premier League champions United and on Friday the LMA said terms had been agreed.
“The League Managers Association and Manchester United are pleased to confirm that terms of settlement have been agreed between the Club and David Moyes in respect of the termination of his employment,” the LMA said in a statement.
“A settlement agreement is in the process of being finalised. No further comment will be made in relation to this issue.”
The LMA statement did not say how much Moyes, the man retired former United manager Sir Alex Ferguson wanted to replace him after he stood down at the end of last season, would be paid as part of his severance deal.
Following Moyes’s sacking, there were widespread reports by the media that his pay-off would be capped at less than £5 million out of his £30 million deal ($50m, 36m euros).
It was reported that he had lost out on a larger compensation package through an 'ejector seat' clause in his contract, limiting his money to 12 months' salary if the club failed to qualify for the Champions League, something that was confirmed after United's 2-0 defeat by Everton.
United are currently seventh in the table and, having been knocked out of both domestic cups and the Champions League, will endure a trophy-less season.
This campaign will see United record their worst points total in the Premier League era and their highest number of home defeats since 1978 -- including 3-0 drubbings by bitter rivals Liverpool and Manchester City.
At least one rival already misses Moyes - Arsenal manager Arsene Wenger said he feared for the future of his trade in England after Moyes was sacked by struggling champions Manchester United.
Wenger, now the Premier League’s longest-serving manager after taking charge of north London side Arsenal in 1996, said the high attrition rate among managers in England would ultimately be detrimental to the standard of coaching.
“If you want quality people in any job, you need to give them time to develop and to become good, or people with the quality will not come into our job any more,” Wenger said. “The average [job life] expectancy of an English professional club at the moment is 11 months, and that is quite unstable.
“Every guy who is married, has a family, will have a big hesitancy before he goes into that game.
“That means the quality of the coaching and the quality of the managing is under threat.”
Wenger side are currently in the top four of the Premier League and have reached the final of this season’s FA Cup where they will play Hull City.
The Frenchman, 64, said Arsenal were no closer to agreeing a contact extension for defender Bacaray Sagna.
The 31-year-old France international’s current Gunners deal expires at the end of the season, and Sanga has been linked with a move away from the Emirates Stadium. Manchester City, Paris Saint-Germain and Inter Milan are among the clubs said to interested in signing Sagna.
But Wenger, yet to sign a new contract himself, was optimistic Sagna, who joined Arsenal from French club Auxerre in 2007, could be persuaded to stay put, with the Gunners reported to have offered the player a deal for two more years.
“At the moment they [talks] are not progressing. We know what we want from him, he knows what is on the table and that is where we are,” said Wenger.
“The ball is not in our camp anymore, it is in his camp, and he needs to come back to us.”
Arsenal are at home to Newcastle on Monday where they will look to stay ahead of Everton in the race for a top four finish and the accompanying reward of playing in next season’s Champions League.
Gunners captain Thomas Vermaelen is expected to return back from a hamstring problem but midfielder Abou Diaby will not be rushed back following knee injury after suffering a groin problem playing for the Under-21s in midweek.
It was his first action since sustaining a cruciate ligament injury against Swansea in March last year.”
“Diaby played one half (for the Under-21s). How far away he is is difficult to say, but he had a little groin problem after the game so will not be available for Monday,” said Wenger.
Defender Kieran Gibbs is still sidelined by a hamstring problem, while England midfielder Jack Wilshere continues his recovery from a foot injury.
“Jack is progressing well. He is is still on target to be with our team in the last couple of games,” Wenger said.
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