Freebass - the group comprised of Peter Hook, Mani and Andy Rourke - are no more. The band released a statement confirming their split today following a rant from Mani on Twitter.

The former Stone Roses bassist wrote: "Three things visible from space, Great Wall Of China, Peter Hook's wallet stuffed with Ian Curtis' blood money, Man City's empty trophy cabinet!

"I've actually got an ongoing career, so I don't feel the need to exploit my past glories. I exist in the here and the now."

Talking about the band's debut album, he added: "It's where it belongs mate... in the fucking bargain bin before it's even released. You live and learn."

In an interview with The Quietus last week, Mani also revealed his distaste for the way "ex-Factory employees" - including Hook - attempted to capitalize on the past.

Responding to rumours that there was a plan to release the Freebass album on the anniversary of Tony Wilson's death, he said: "These ex-Factory employees can spot a good cash in can't they? Do you know what I've got to say on that? Let it go. It's dead. Factory's dead.

"I grew up on Factory. The first gigs I used to go to were at the original Factory Club and I was a regular at The Hacienda. I've always brought Factory Records music. But there's a certain nostalgia factor about it which gives me the creeps, you know?

It's gone, it's finished, it's had its time. Just remember it for what it gave the city. It disgusts me. The idea of keeping a Factory ethos in town is great, but when it's done as a cash in, it's terrible."

Freebass, meanwhile, released the following official statement: "It is with great sadness that just prior to the long-awaited album release of It’s A Beautiful Life we have to announce that the much anticipated Mancunian union of bassists, Freebass, is no longer a functioning group.

"Recent events have made Freebass entirely unviable as a band and, with this in mind, it has been decided that the project should be shelved, rather than placed on hiatus while members pursue their other interests.

"The band would like to take the opportunity to thanks friends and fans for their support and interest, especially on the UK tour in June 2010. We also hope that people will enjoy the album, which concludes five years of work, and treat it on its own merits. No third parties were involved or harmed in the break-up."