Thursday 2 January 2020 13:04, UK
Saracens owner Nigel Wray has retired as chairman in the wake of a 35-point deduction and £5m fine for breaching league salary cap regulations.
The club, which have dominated European rugby in recent seasons, were punished following an inquiry into dealings between Wray and some Sarries players.
Wray said it was time for the club to make "a fresh start" in the new decade.
"I am not getting any younger and feel this is the right moment for me to stand down as chairman and just enjoy being a fan of this incredible rugby club," the 71-year-old said.
"I will always be committed to the wonderful Saracens family.
"The Wray family will continue to provide the required financial support to the club, and I will remain actively engaged in the work of the Saracens Sport Foundation and Saracens High School, as part of the Club's ongoing commitment to our community in north London."
The club said a new independent chairman will be "appointed imminently".
Edward Griffiths will take up the role of interim CEO for a 12-month period, while Mitesh Velani will assume a consultancy position at the club and remain on the Saracens board.
Saracens won four Premiership and three Champions Cup titles in the last five years, but plummeted to bottom of the table this season following their points deduction in November and face a real possibility of relegation.
The club initially indicated they would appeal the sanctions, before Wray accepted the penalties "with humility" and admitted "we have made mistakes".
Premiership Rugby last month announced it was in discussions with Saracens over the "additional measures" needed for the double winners to prove they are operating within the salary cap for the current season.
Questions have been asked as to how the club can be operating within the £7m ceiling for 2019-20 given they have added England players Elliot Daly and Jack Singleton to their squad.
