Money had been in club management at a number of clubs including Scunthorpe United before he came the Sky Blues first ever Academy Director.
It was a successful time with the players under George Mackie reaching the FA Youth Cup twice. However, he blotted his copybook when it emerged that he was still reporting to deposed Chairman Bryan Richardson and he was dismissed.
A colourful character known for his jeans and trainers get ups amongst other things, he was appointed Walsall manager and managed them to relegation and promotion.
Last season, he was a regular at City Reserve games but when it became clear that Walsall would not make the play-offs not helped by the sale of Scott Dann and Danny Fox to the Sky Blues, he was sacked.
"It is a wonderful job and I'm relishing the chance to get started," said Money speaking to the Newcastle Journal. "This was too big a club to turn down. I have enjoyed being a manager for the last four years but this job at Newcastle is too big a challenge and too big an opportunity to turn down.
"I have enjoyed my break (since leaving Walsall) - it was a very tough two years with a lot of hard work to do. And while I enjoyed being a manager this is at a different level and it is something I am relishing. I am really looking forward to it."
Meanwhile, Paul Furlong has signed a one year deal with Southend United. The striker who joined City in 1991 played for Luton Town last season but was released.