England boss Fabio Capello has lost a massive £1 million in salary due to the weakness of the pound!

The Sun says Capello is paid £6m a year but does his banking in Italy.

When he agreed his four-year deal last year the pound was worth 1.39.

But the global financial crisis has seen the pound plummet to a current worth of just 1.18.

That means when he signed in December last year his £6m was worth 8.28m but last night it was worth just 7.08m.

The 1.2m fall is now equal to almost £1m.

Sources close to the England boss confirmed the loss but insisted that Capello is more than happy with his salary.

He would not dream of asking for compensation from the FA and will not be seeking a change in his contract to ensure against any future losses should our market fall again.