Metronet went into administration after a �2bn overspend

The BBC has learnt five managers have left the consortium, including chief executive Andrew Lezala and chief financial officer Philip Pacey.

It went into administration in July 2007 after predicting a �2bn overspend by 2010.

It comes as Transport for London (TfL) lodged a formal bid to buy the firm.

BBC London's transport correspondent Andrew Winstanley said a deal had been reached for a change of management.

It includes sizeable pay-offs for outgoing managers.

It beggars belief that these people who ran a failed company have now been paid to go Brian Cooke, London TravelWatch

Administrator Ernst & Young said it would not comment on the amounts and the board's salaries were confidential.

But Gerry Doherty, general secretary of the Transport Salaried Staffs Association union, said: "We think it is outrageous that Metronet bosses are being rewarded for failure with these gigantic payoffs."

Brian Cooke, chairman of passenger watchdog London TravelWatch, said: "It beggars belief that these people who ran a failed company have now been paid to go."

Metronet had planned to invest �17bn over 30 years, under the terms of a public-private partnership (PPP) deal.

No fare rises

Transport for London (TfL) announced its bid for the firm on Thursday.

If successful, it would have to agree to take on Metronet's �1.6bn of debt, but would assume control for a nominal sum.

A TfL spokesman said there would be no rise in fares as a result of a successful takeover.

London Underground's Tim O'Toole said: "Once under TfL control, we seek to put in place a stable, economic and efficient structure that is better able to deliver our investment priorities that will lead to increased capacity on the Tube in future."

The Rail, Maritime and Transport (RMT) union welcomed TfL's bid as it said it would mean day-to-day maintenance was "carried out in-house".