Breaking news from Spain. Real Madrid has reached an agreement with Pedro Martínez and will pay Valencia the 1 million euro buyout clause to sign the 65-year-old coach.

Sergio Scariolo is expected to be officially informed later today that he will not continue for a second year on the bench of “La Reina,” and will receive compensation for the remaining 5 million euros stipulated in his contract, which runs through 2028.

Martínez, who led Valencia to the league title and the EuroLeague Final Four, will sign a three-year contract with the highest salary he has ever earned in his 35-year coaching career, according to reports in the Spanish media, at 1.2 million euros per year.

And so the… exodus from Valencia continues, as Yam Montero will remain with Olympiacos, Branko Badio with Panathinaikos, Braxton Kee to Fenerbahçe, and it is very likely that Jaime Pradilla will also move to Real Madrid.

*photo source: KYPE