Devastating.

Saracens say they are “shocked and disappointed” by the “heavy-handed sanctions” handed to them by Premiership Rugby following an investigation in them breaching the salary cap.

The Premiership champions have been deducted 35 points and hit with a fine in excess of £5 million but have said they will launch an appeal against “all the disciplinary panel’s findings.”

“The Club is pleased the Panel acknowledged it did not deliberately attempt to breach the salary cap and steadfastly maintains that player co-investments do not constitute salary under the regulations. This view is supported by independent legal and professional experts,” a Saracens statement read.

“The Club will continue to vigorously defend this position especially as PRL precedent already exists whereby co-investments have not been deemed part of salary in the regulations.

“As previously stated, the Club made administrative errors relating to the non-disclosure of some transactions to PRL and for this we apologise. We are pleased to confirm we now have a robust governance framework in place and this will be overseen by an external counsel to ensure the Club follows best practice.”

Meanwhile, owner, Nigel Wray said the news is “devastating” for the club.”

“For over 25 years, I have put my heart and soul into the game I love. Together we have created something incredibly special with the Saracens family, both on and off the field,” Mr Wray said.

“This is absolutely devastating for everyone associated with this amazing group of players, staff, partners and fans. It has been acknowledged by the Panel that we never deliberately sought to mislead anyone or breach the cap and that’s why it feels like the rug is being completely pulled out from under our feet. We will appeal all the findings.”