Manchester United Agree '£5m Settlement' with David Moyes after Ryan Giggs Takes Over Reins

Manchester United have reached a settlement with David Moyes after the Scot was sacked as manager earlier this week.

The League Managers Association has confirmed the Permier League champions and their former manager have concluded discussions on a compensation package, thought to be worth around £5m.

The former Everton man was sacked following a disastrous season in charge at Old Trafford, which saw the side slump to seventh in the league and suffer 15 defeats.

Moyes has been replaced in the short-term by Ryan Giggs, who will take charge alongside his former teammates Nicky Butt, Paul Scholes and Phil Neville - whom Moyes brought back to the club last summer - for this season's four remaining fixtures.

Reports earlier in the week claimed Moyes's compensation would be capped at £5 million due to his failure to secure a Champions League finish.

A Manchester United statement said: "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.

"A settlement agreement is in the process of being finalised. No further comment will be made in relation to this issue."

Moyes is likely to find suitors in the summer, as Tottenham Hotspur are reportedly interested in recruiting the 51-year-old to replace Tim Sherwood.

Chairman Daniel Levy is said to be an admirer of Moyes despite his tumultuous time as United boss. Spurs had been interested in recruiting Netherlands coach Louis Van Gaal, however Moyes's sacking suggests he is now more likely to join United.