Cambridge United have announced via Twitter this morning that manager Richard Money has left the club.

Money, 60, who had signed a new three year contract in May, leaves the club sitting 18th in the league, having won only five of their opening sixteen league fixtures.

The news comes in the wake of Cambridge’s disappointing defeat to newly promoted Bristol Rovers, a fixture which saw initiatives from the club to try and encourage more students down to the Abbey.

Richard Money has been at the helm for three years, and led the club to promotion and a return to the Football League in 2014, winning the FA Trophy that same year. He oversaw the club’s stabilisation in the fourth tier, as well as the U’s FA Cup adventure last season, which saw them take Louis van Gaal’s Manchester United to a replay in the third round.

Assistant manager Joe Dunne will take over control of the first team following Money's departure.

The club decided to relieve Money of his duties due to the “the disappointing pattern of results over the last nine months and because the current squad is not showing consistent signs of achieving it's potential."

The statement on the club’s website adds:

“We want to place on record our sincere thanks to Richard, who has been instrumental in the club's progress over the last three years.

"He led the team to success in the FA Trophy, promotion back to the Football League and a memorable run in the FA Cup last season which culminated in two games against Manchester United. Richard has achieved a special place in the history of Cambridge United Football Club and will always be warmly welcomed at the Abbey Stadium. 

"Assistant Manager, Joe Dunne, assisted by the other first team coaching staff, will take training this week as the team prepares for our FA Cup tie against Basingstoke at the Abbey Stadium on Saturday.”