Bayern Munich president Uli Hoeness said it took hard cash to keep Bastian Schweinsteiger with reports in Germany saying the midfielder’s new contract is worth 10 million euros per year.

After Saturday’s 3-0 win over St Pauli at Munich’s Allianz Arena, Schweinsteiger took the microphone to tell Bayern’s fans he had signed a four-year contract extension which will keep him at Munich until at least 2016.

Schweini told the adoring fans his ‘heart is red’ and he would rather win the Champions League with Bayern Munich than Real Madrid, who were reported to be interested in signing him.

But Hoeness revealed the battle to keep Schweinsteiger in Munich involved only hard cash and Bild reported the new contract gives the midfielder an annual salary of €10 million.

“We weren’t fighting over peanuts, but about hard cash and euros, we had to push the boat out,” Hoeness said.

“We all have to kiss goodbye to the idea that at this level, players decide to stay with a particular club because they love the same club and are prepared to take a pay cut.”