Madrid: Racing Santander, who were taken over last month by Indian investor Ahsan Ali Syed and are hovering just above the relegation places, have sacked coach Miguel Angel Portugal, the La Liga club said on Monday.
"Real Racing Club have reached an agreement with Miguel Angel Portugal on the cancellation of his contract," Racing said in a statement on their website.
Portugal, 55, a former Real Madrid youth team coach who was appointed to replace Juan Carlos Mandia in November 2009, will give a news conference on Tuesday with president Francisco Pernia, the statement added.
The club are 16th in the standings, one point above the relegation places, and have drawn both their games since Ali Syed became majority shareholder.
The founder and chairman of investment company Western Gulf Advisory, he has said he wants to make the heavily indebted club a recognised name internationally.
Racing`s highest finish for more than 60 years came under Marcelino Garcia in 2008, when sixth place earned qualification for the UEFA Cup, but they are typically involved in the scrap to avoid relegation.
Marcelino is in line to return to the club and replace Portugal, Spanish media reported.