Wayne Davison has admitted slaying Colin Rutherford, 34, who died a day after he was found with serious injuries at a house in Blyth in April, in what officers have called a “senseless attack”and is facing a life sentence when he returns to court to learn his fate in October.
While full details of the case have still to be revealed, the sum of money involved is believed to be as little as £10.
Davison, 37, of Briardale Road, Blyth, admitted a murder charge at Newcastle Crown Court on August 7 although reporting restrictions surrounding his plea have just been lifted.
"It will be my duty to consider the minimum term you must serve before you can even be considered for release."
Mr Rutherford was assaulted at a property in Crofton Street, Blyth, on Wednesday, April 29.
Emergency services attended and he was taken to hospital where he died of his injuries the following day.
Davison, who accused Mr Rutherford of owing him money, fled the scene before he was later arrested and charged with murder.
Detective Chief Inspector Ed Small, the senior investigating officer on the case, has now said: “First and foremost, our thoughts continue to be with Colin Rutherford’s family at this extremely difficult time.
"They have been left devastated by his death.
“This was a tragic and shocking incident in which an argument over money has resulted in a man being murdered.
“This was a senseless attack by Wayne Davison who has been brought to justice and will now face the consequences of his actions.
“I would like to thank all those who came forward with information to assist us with this case.”
More details about the case are expected to be revealed when Davison returns to court on Friday, October 9, to learn the minimum amount of time he will spend in prison.