Rockers Thin Lizzy will no longer tour and record under the moniker out of respect for tragic frontman Phil Lynott.

Co-founder Brian Downey, who formed the Irish act with the late Lynott in 1969, recently announced plans to head back into the studio with the remaining members and new lead singer Ricky Warwick to work on an album of fresh material - 29 years after their last release.

However, The Boys Are Back in Town hitmakers, who are currently on tour, have decided to retire the band name at the beginning of 2013 as a tribute to Lynott, who died in 1986.

In a post on the band's page, guitarist Scott Gorham writes, "Out of respect to Phil Lynott and the legacy he created, we have decided that we should not release a new album under the Thin Lizzy name.

"It was a very difficult decision as we put a lot of time and effort into re-building the Thin Lizzy brand over recent years. Releasing a new album was the only way to continue this success. We all know how much Phil meant to this band and the fans.

"We have written 20 songs that we all feel very strongly do the band and Thin Lizzy name credit. We believe Phil would have been proud of them. We always knew a new record was a touchy subject with some people and as such really want the quality of these songs to be heard by everyone without any judgment or prejudice.

"To that end, we have decided not to release these songs under the name Thin Lizzy.

"We want to thank everyone for their support and encouragement over the years and to all our fans. We will release this material soon and you will be hearing some great new music with the classic Thin Lizzy sound intact. We will announce future plans early in the New Year."