Saracens Reveal The Huge Amount Of Debt They Are In
Writing in the Mail on Sunday, Nick Harris has revealed that the Premiership Champions find themselves in £45.1 million in debt.
Even though the debt levels have increased from £41.6 million last season, Sarries Chairman, Nigel Wray told the Mail:
The financial results, as you can see, are not good. But they are better [than last time] … we are finally going in the right direction.
It’s also been revealed that Saracens will have paid £9.81 million in club salaries by mid summer with the salary cap standing at £5.1 million, excluding the two permitted marquee players.The losses however will be absorbed by Saracens parent company, Premier Team Holdings Limited. Their continued support however is not legally binding.
The club could be instantly bankrupted if the parent withdrew their support at any time. A scenario that however seems highly unlikely.