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 (US$70 million) to secure 90 percent of Cruzeiro’s shares in a deal coordinated by Brazilian investment bank XP.

(Xinhua)