Sold.

Reports emerged in The Times this morning, suggesting Saracens’ billionaire South African co-owners were looking to sell their stake in the Premiership club.

The newspaper claimed the South Africans have spoken to them directly and are ready to sell their stake with the club, who were dumped out of the Champions Cup on Sunday, currently losing millions a year.

Eleven of the 12 Premiership clubs operated at a loss last year, with Exeter Chiefs the exception. Saracens recorded losses of £2.74 million. Other clubs for sale, such as London Irish and Worcester Warriors, have struggled to find buyers.

“Remgro has been a fantastic shareholder in Saracens for the last nine years and, as shareholders do, they have decided to reduce their shareholding and I am very happy to say that I’ve decided to buy all their shares as I have huge faith and commitment to this club and everything it stands for,” Wray said.

What this means for Saracens going forward remains to be seen. But Wray will need to attract more investors going forward as he would not have the financial muscle the previous co-owners held.