Saracens are facing major sanctions over a potential breach of salary cap regulations, after Premiership Rugby confirmed the club had not declared all co-investment arrangements between players and owner Nigel Wray before they were revealed by this newspaper.
In a statement issued on Wednesday night, Premiership Rugby Ltd (PRL) said Wray's business links with his star players, including England captain Owen Farrell, Maro Itoje and the Vunipola brothers, will now be formally 'reviewed'.
The decision to investigate will come as a major blow to Saracens and Wray, who had sought to play down the outcome of a four-month Sportsmail investigation.
Saracens are facing major sanctions over a potential breach of salary cap regulations
That expose had raised serious questions about whether Saracens and Wray - who is worth £315m - were operating within the £7m salary cap, when in the last three years Wray had struck up businesses with at least five members of his all-conquering squad.
When a list of questions about these arrangements with players was put to the club, they responded that 'the Club readily complies with Premiership Rugby salary regulations and information relating to remuneration is declared to the salary cap manager.'
And later, in an open letter by Wray, he said that 'the Club is open and transparent with the salary cap manager and we proactively disclose co-investments when they occur, even though we are under no obligation to do so'.
However, it has now become clear that there may be a cause for concern for PRL surrounding what had and had not been declared.
The statement PRL issued last night would suggest Saracens are in serious trouble, with a points deduction a possible sanction.
A spokesman for PRL said: 'Under the Salary Regulations, clubs are required to supply information to the Premiership Rugby Salary Cap Manager on any arrangements between a Connected Party and a Player which might constitute payment or a benefit in kind.
'Saracens had not at the time of recent media speculation shared with the Premiership Rugby Salary Cap
