Saracens debt grows to £45.1 million

The north London club made a loss of £3.98m last season, an improvement on a £5.17m deficit the year before. Nigel Wray, chairman of Saracens said having a smaller squad & "finishing 11th" was a way to cut the debt but this is not the way the club wants to move going forward. 

Wray claimed that this would be a statement of lack of ambition from the club and would have a negative knock on effect to the players & sponsors. Wray went on to say "We have a very well known brand of considerable value which needs to be nurtured".

According to the club's accounts, total salaries rose to £9.31 million but a 13% increase turnover lead to a reduced annual loss. 

Saracens' losses will be covered by parent company Premier Team Holdings Limited, although their written intention to do so is not legally binding.

"The financial results are not good but they are better. We are finally going in the right direction," said Wray, in a statement with the accounts, which have been submitted to Companies House.