Noel Gallagher's departure from Oasis was today 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".
The bust-up is the brothers' most serious one to date, he said, but he predicted that they may tour together again in about five years' time.
He said: "I think this is pretty major. Noel's a proud person, he won't go back on it. And he knows he could make a successful solo album.
"He's a masterclass craftsman and could go and become Neil Young for a generation. Liam too could become the John Lennon of his generation."
But for all their fighting, deep down the pair still love each other, he said.
"I had a coffee with Liam a few weeks ago and I said 'but you love Noel,' and he said "yeah, I know'.
"They probably will work together again eventually. When you love someone you give them a second chance," he said.
Mr McGee signed the band in 1993 after seeing them perform in his native Glasgow.
In a statement on the band's website last night Noel said: "It's with some sadness and great relief to tell you that I quit Oasis tonight.
"People will write and say what they like, but I simply could not go on working with Liam a day longer.
"Apologies to all the people who bought tickets for the shows in Paris, Konstanz and Milan."
Earlier yesterday it was announced they had cancelled their second gig in the space of a week because of "an altercation within the band".
They were expected to play the Rock en Seine festival in Paris but the crowd were told by Bloc Party, who were due to perform before Oasis, that the Manchester band would not be taking the stage.
Last weekend the band pulled out of the V Festival in Chelmsford which they were meant to headline.
The band pulled the plug on their show at the annual music event because frontman Liam Gallagher was struck down with viral laryngitis.
Their non-appearance sparked rumours that they were set to split.
Earlier this month Liam revealed his relationship with his brother is so bad they no longer speak, travel separately on tour and only see each other on-stage.
Two burly security men stood guard at the home of the Gallagher brothers' family home in Burnage, Manchester.
One said they were posted there to ensure that their mother, Peggy, would not be bothered by fans or reporters since the Oasis split was announced.
He was unable to confirm whether or not she was at home but refused to let reporters knock on the door of the semi-detached house to find out.
One neighbour said Peggy had not been home for around two months.
Neighbours expressed bemusement at the latest Gallagher brothers rift, saying it was sad the band had split up, but not entirely unexpected.
One woman echoed the oft-repeated comment that they would patch up their differences and reform. She said: "Spending that much time together would get on anyone's nerves but it's understandable. It's sad they've let the fans down."