Wed 10 Apr 2019 | 10:29

Saracens' salary cap saga continues

Saracens' salary cap saga continues
Wed 10 Apr 2019 | 10:29
Saracens' salary cap saga continues
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UPDATE: The Premiership have demanded that clubs – including Saracens – are required to supply information to the Rugby Salary Cap Manager.

Last month it was reported that Premiership champions Saracens failed to comply with the with salary cap laws. According to media reports, the club spend nearly £9 million on wages despite the agreed salary cap of £7 million per season.

The club’s finances came under the spotlight when owner Nigel Wray revealed a jointly own businesses with England internationals Owen Farrell, Billy and Mako Vunipola and Richard Wigglesworth.

It was reported that Wray co-owned houses with former players, with any costs towards accommodation something which should currently be included in a player’s salary cap figure.

The investigation found that two investment property companies, ShahDan Limited and DanCallie Ltd, were set up in 2017, with Wray as sole shareholder and Daniel van den Heever, an associate of Wray, the sole director.

For more info: SARACENS ADDRESS SALARY CAP ALLEGATIONS

The Premiership club released a statement on Wednesday stating that Saracens continued to keep a tight lid on their in-depth financial information, despite massive pressure from the league organizers and media.

“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,”

However, Sarries hit back with a statement of their own:

“Unprompted, we invited Premiership Rugby’s salary cap manager into the Club to openly discuss matters related to player salaries.

“Whilst 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,”

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Saracens' Salary Cap Saga Continues | Rugby365