Newcastle United confirm senior exit from club
Beardsley – who had been the Under-23 coach – had "agreed a period of leave" in January last year so the club could investigate allegations made against him.
The 58-year-old denied the allegations.
United thanked Beardsley for his service as a player, coach and ambassador after announcing his departure.
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Hide AdA club statement read: "Newcastle United can confirm that Peter Beardsley is no longer employed by the club.
"We are grateful for the contribution Peter has given over the years as a player, coach and ambassador and we wish him well for the future.
"The club will make no further comment at this time.?"