Saracens owner Nigel Wray has apologised to their fans for the "heartache" caused by their repeated breaches of the Gallagher Premiership's salary cap.
He insists he takes full responsibility, but also highlights the report into the matter has found they didn't deliberately try to break the rules.
"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," the Sarries owner has written on their website.
"My intention with co-investments was always to support players beyond their playing careers.
"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. We should have been far better.
"The Disciplinary Panel concluded that under the regulations my investments into the joint venture companies amounted to ‘loans’ by a connected party of Saracens (i.e. me) to a connected party of the relevant players (i.e. the joint venture companies) and as they were not repaid within a salary cap year, the full amounts are considered salary within that time period.
"I should have declared these transactions to the salary cap manager prior to signing off the agreements. I mistakenly assumed that as I had entered into personal property agreements with players previously that had been signed off by the Salary Cap Manager, a precedent had already been set. Equally with many years’ experience in the property sector, I considered these investments to be equity investments as they bear equity style risks. However, because I made my investments into the joint venture companies through directors’ loans (pursuant to accountancy advice) the entire amount has been deemed salary in the salary cap year in which they were made.
"As you know, the Club has already started to implement new processes to ensure nothing like this happens again.
"Despite recent events Saracens is a family which has always brought me and my family so much joy. The team’s incredible form and the Club’s togetherness in recent weeks shows me the culture we have built is strong. Our vision, represented by a united group of players, coaches, staff, families and fans who care deeply for one another, endures."
The European and English champions will drop down to the Championship next season as part of their punishment.
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