More Bad News For Saracens As The Fallout Continues From Their Salary Cap Scandal
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The fallout from Saracen’s salary cap scandal continues with the Premiership side set to lose their huge sponsorship deal with insurance giants Allianz, according to a report by the Financial Times.
The reigning Premiership champions were initially fined in excess of £5 million by Premiership Rugby and handed a 35-point deduction for breaching the salary cap in each of the last three seasons before further sanction was handed down for this season.
That sanction saw them handed an additional 35-point deduction, relegating them from the Premiership with the three-time European champions set to ply their trade in the Championship next season.
Allianz has sponsored Saracens since 2012, including their stadium, Allianz Park, in a deal worth a reported £2 million-a-season.
Their current contract with the club is set to expire at the end of 2021 but it appears that will be cut short on the back of the club’s salary scandal that has rocked the game.
Saracens were reportedly informed of Allianz’s decision to scrap their sponsorship last week with an official announcement expected in the coming weeks.
The bad news is just neverending at Saracens right now and we suspect there’s probably more to come.