The departure follows that of guitarist Paul "Bonehead" Arthurs, who announced he had left the band on 9 August.

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Songwriter Noel Gallagher said: "We've got to just carry on with it - we're skint, anyway.

Editor of Select magazine John Harris: "I was amused"

"I feel a bit subdued - but they've both got kids, and there's no point in us trying to knock down their doors to get them to stay.

"We've got to respect their decision as family men."

At a press conference at London's Water Rats venue, he explained: "We knew something wasn't right and we saw it coming, but we didn't expect to be here today saying this."

Jokes during press conference

The group - now down to Liam and Noel Gallagher and their drummer, Alan White - will audition for two new members and take two weeks off.

Paul "Guigsy" McGuigan (left) with Noel Gallagher

Noel said: "We are not going to rush into anything. We don't want to pick the first two people that come along,

"It's difficult, because we just don't want to drag session musicians in, because it would look stupid."

Liam, who joked with reporters during the press conference, added: "They've got to be a lot taller than me, have nice taste in shoes, have a good haircut and not be Manchester United fans - if you can do that, you're sorted."

The BBC's Carole Jones reports: "Some fans also believe it's the beginning of the end"

A statement issued by their label Creation Records said 28-year-old McGuigan opted to leave before Oasis became heavily involved in promoting their new album, due out in the New Year.

It read: "Paul has finished his work on the recordings of the new album and feels now is an opportune time to leave before the band undertakes touring and promotional activities later on this year.

"He'd like to thank the fans, as well as everyone he's worked with along the way, and wishes Oasis all the best for the future.

"The remaining members of Oasis have accepted Paul's decision to leave at this time."

Founder of Oasis

Along with Arthurs and original drummer Tony McCarroll, McGuigan was one-third of Rain, the Manchester group which became Oasis after they replaced their singer with Liam Gallagher in 1991.

Paul "Bonehead" Arthurs (centre) announced his departure two weeks ago

McCarroll was sacked in 1995 and replaced with Alan White, while Arthurs left the band in March this year, though it was only announced two weeks ago.

He said he wanted to concentrate on "other things" in his life "outside of the demands of being in a successful rock and roll band".

In 1995, just as the band were becoming successful in the UK, McGuigan temporarily left Oasis suffering from exhaustion.

At the time, Noel Gallagher said: "Paul is Oasis. If he leaves the band is finished. It is that simple."

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