"Regrettably, coaches depend on results and the club's president, Jose Delgado, expressed his disappointment over the club's place in the standings," Delfin said in a statement on Monday, reports EFE news agency.
Under the leadership of the 52-year-old Sanguinetti, a veteran coach from Uruguay, Delfin played for the Serie A title for the first time last year, losing to Emelec in the final.
Delfin Sporting Club, which was founded in 1989, won its first Copa Libertadores match under Sanguinetti, beating Chile's Colo Colo 2-0.
In the Ecuadorian tournament, however, the team has a record of 2-5-1, with seven points, putting it in 9th place.
The 49-year-old Bustos will make his debut with Delfin against Quito's Liga on Wednesday.
In the Copa Libertadores, Delfin played to a 1-1 tie with Bolivia's Bolivar, was beaten by Colombia's Atletico Nacional 4-0 and beat Colo Colo.
Last Friday, Ecuadorian league laggard Tecnico Universitario beat Delfin 3-2.
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