Real Madrid president: Camacho will stay involved

Real Madrid president Florentino Perez accepted Jose Antonio Camacho's resignation as coach yesterday afternoon.

The announcement was made at 1:30pm and Perez has appointed his deputy Mariano Garcia Remon as the new coach.

"The Madrid board has decided to accept the resignation of Camacho, but he will continue his link with our club in the sports area," Perez said.

Camacho, who accompanied Perez as the announcement was made, added: "This year, the president, the board and the fans believed in me."

"But I can only admit that the team has not performed as they should have and they are not going to improve with me staying. By staying the crisis could have got worse, so I decided to go."

Remon, who said he had only accepted the job at the request of Camacho, said: "This is a sad day for Real."