NEWCASTLE United confirmed today that Academy Manager Richard Money is to leave his post at the Club with immediate effect in order to take up the position as Manager of Blue Square Premier League club, Luton Town.

Richard, who has been at United since June 2008, has been released from his contract at United in order to fulfil his desire of returning to a senior management position in the game.

In reluctantly agreeing to Richard's wishes, United's Managing Director Derek Llambias said: "Richard has done a terrific job in our Academy and although we're very sad at losing him, we understand his position and extend our very best wishes to him for his future success.

"The Academy is an integral part of this Football Club and Richard, in his short time here, has developed excellent strategic working practices which are bearing fruit on and off the pitch. We are confident that the staff we already have in place within the Academy will continue the excellent work currently going on and build on the solid foundations in place."

And Richard added: "I am very sad to be leaving Newcastle United, however, the job opportunity I have been offered at Luton Town, where I still have very fond memories of my time there as a player back in 1982/83, is something that I simply cannot turn down. As well as being a great challenge, it's exciting and hopefully, at the end of the season, rewarding.

"Newcastle United have a dedicated and hard working staff within the Academy and I thank them for all the assistance they gave me during my time at the Club. I believe collectively we made great strides to improve all facets of the Academy and I am sure that the progress we made will continue.

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"I thoroughly enjoyed my time working with the Club's elite young players and given what I have seen I am sure that in the future a number of them will go on to become regular first team players. I thank them for their willingness and desire to learn and improve and wish them all the very best for the future.

"Finally, I would like to thank the Board for the way in which they have handled this matter and for the support they gave me throughout."