"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.
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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