Noel Gallagher's departure from Oasis was yesterday described as a "sad day" for music by the man who originally signed the band. Alan McGee, the founder of Creation Records, attributed the split to a "change of consciousness" that meant money was no longer enough to motivate people.

He said: "People don't do things for money any more. I know how much money Oasis were making from their tour – you could buy two very good football strikers with that amount.

"But it's very hard for someone to do what they really don't want to do."

He described the split as "the end of the age of materialism". But, he added, Noel's walkout was a "really, really sad day".

McGee signed the band in 1993 after seeing them perform in his native Glasgow.

In a statement on the band's website on Friday night Noel Gallagher (pictured with Russell Brand) said: "It's with some sadness and great relief to tell you that I quit Oasis tonight... I simply could not go on working with Liam a day longer."

Earlier this month Liam Gallagher revealed his relationship with his brother is so bad they no longer speak, travel separately on tour and see each other only on stage.