Former Saracens owner Nigel Wray has apologised to fans for their heartache at the club’s relegation as a result of his ‘ill-considered approach’ to the salary cap regulations.
It was announced last week that the reigning English and European champions will be relegated from the Premiership at the end of the season as a direct result of the club’s failure to comply with the salary cap regulations for the current campaign.
On Thursday Premiership Rugby released the report into Saracens’ breaches of the league’s salary cap that led to their 35-point deduction and £5.36m fine, however an unredacted version of the report was leaked that included in-depth details of the club’s players’ involvement in the breaches.
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Wray has since come out and said he took ‘full responsibility’ for failing to consult the league’s salary cap manager before entering into co-investments with players.
‘We should have been far better,’ Wray, who stepped down as chairman in January, wrote on the Saracens website.
‘I am really sorry for the heartache that I have caused you due to my ill-considered approach to matters relating to salary cap compliance. My intention with co-investments was always to support players beyond their playing careers,’ he said.
‘I recognise that the actions of the club were described by the panel as ‘reckless’ primarily due to my failure to consult with PRL’s salary cap manager prior to entering into any agreements and then disclosing the transactions to him. I take full responsibility for this.
‘Equally important is the panel’s determination that neither the club nor myself deliberately attempted to breach the cap.’
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