RIO DE JANEIRO, Dec. 28 (Xinhua) -- Former Real Madrid and Brazil national team boss Vanderlei Luxemburgo has parted ways with Cruzeiro following the Brazilian club's acquisition by World Cup winner Ronaldo.
Luxemburgo led Cruzeiro to eight wins, 11 draws and four losses after taking charge of the Belo Horizonte outfit for a third time in August.
In a statement, Cruzeiro said the decision followed an internal audit of the club's finances.
"To adjust the accounts to the club's economic reality, the board was instructed not to continue with the existing coaching staff," the statement read.
It added that a new manager would be appointed in the "coming days".
The announcement came less than two weeks after Ronaldo agreed to pay 400 million reais (70 million U.S. dollars) to secure 90 percent of Cruzeiro's shares in a deal coordinated by Brazilian investment bank XP.
Luxemburgo led Cruzeiro to the Copa do Brasil-Serie A double during his first stint in charge of the club in 2003 before returning for an ill-fated two-month spell in 2015.
The 69-year-old was Ronaldo's manager with both Brazil's national team-from 1998 to 2000-and during an 11-month period at Real Madrid in 2005.
Historically one of Brazil's most successful clubs, Cruzeiro currently play in the country's second division, having been relegated for the first time in their 100-year history in 2019.
Ronaldo, a member of the celebrated Brazil teams that won the World Cup in 1994 and 2002, began his professional career at Cruzeiro in 1993.
Upon announcing his purchase of a controlling stake in the club, Ronaldo said he was motivated to "give something back" and promised to help Cruzeiro regain their status as a force in Brazil's top flight. Enditem
