Money had vowed he would not leave before the summer (Getty)

Walsall manager Richard Money has resigned after the Saddlers were ruled out of the League One play-off running.

Money took over as manager in May 2006, following their relegation to League Two and led them to the title and promotion in his first season.

He told the club website: "I believe that this decision is in the best interests of both myself and the club.

"The timing of my departure will give the club the maximum opportunity to bring in a new manager."

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Saddlers chairman Jeff Bonser said: "He came to the club at a very difficult time. Our playing fortunes were at a low ebb.

"During these past two years, he has led the club to the League Two championship and to a position just outside the League One play-off positions, a very impressive achievement.

"We would like to place on record our appreciation for the work he has undertaken, and to wish him well for the future."

Assistant manager Jimmy Mullen takes temporary charge.