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Saracens issue salary cap update

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Saracens issue statement at odds with Premiership Rugby over salary cap investigation

Saracens have owned up to a “minor internal oversight” in their salary cap accounting, but insist they have done nothing wrong. 

The London club issued a statement late on Wednesday night in response to a statement by Premiership Rugby.

Saracens claimed: ”Unprompted, we invited Premiership Rugby’s salary cap manager into the club to openly discuss matters related to player salaries.

“While co-investments are not part of the salary regulations, we disclosed these transactions in good faith and indeed divulged more information than was necessary.

“Separately, following a minor internal oversight, Premiership Rugby was provided with details relating to some of these agreements. 

“We remain confident that we comply with the salary regulations and will continue to support the entrepreneurial spirit and future of our players.”

Premiership Rugby’s earlier statement read: “Under the salary regulations, clubs are required to supply information to the Premiership Rugby salary cap manager on any arrangements between a connected party and a player which might constitute payment or a benefit in kind.

“Saracens had not at the time of recent media speculation shared with the Premiership Rugby salary cap manager details of all the co-investment arrangements between connected parties and players.

“The information now received from the club and various parties will be reviewed. Premiership Rugby will make no further comment at this stage.”

Amid controversial media revelations in early March, Saracens were adamant that they were playing by the Premiership salary regulations which allows the club to spend nearly £9million on wages despite the agreed salary cap of £7m per season.

It was understood Saracens were irritated by the constant claim that they were breaking the £7m agreed salary cap that is in place as it fails to take into account the Rugby Football Union incentives to have England-qualified players in Premiership squads.

Thanks to the number of England qualified players – mainly homegrown – in their squad, Saracens along with other Premiership clubs in a similar position, receive extra funding from the RFU. 

That means Saracens can spend nearly £9m on wages and, like other Premiership outfits, they are also allowed to have two marquee players on the pay roll who are outside the cap figure.

The club’s finances are under the spotlight with owner Nigel Wray revealed as jointly owning businesses with England internationals Owen Farrell, Billy and Mako Vunipola and Richard Wigglesworth.

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Saracens issue statement at odds with Premiership Rugby over salary cap investigation