Allianz will end its sponsorship deal with Saracens at the end of this season following months of controversy.
The insurance group has been the main sponsor of the Premiership side since 2012 with the current deal set to run out at the end of next year.
However, Allianz will bring their partnership with Saracens to an end prematurely due to their breaches of the Premiership salary cap regulations across three season.
Mark McCall’s men have been regulated to the championship for next season as a result of the points deductions imposed by Premiership Rugby while a number of their players have been offloaded.
Saracens chairman Nigel Wray resigned from his position early last month as a result of the controversy while his interim replacement Edward Griffiths stepped away after just 26 days in charge.
In a further blow to the club, Saracens were fined €50,000 by EPCR last week after it emerged that they fielded an ineligible player, USA international Tito Lamositele, during their Heineken Champions Cup clash with Racing 92 last month.
The club informed the governing body that Lamositele, who was named in the matchday squad, and who came on to the field of play as a replacement in the 60th minute of the fixture at Allianz Park, may have been ineligible due an inadvertent administrative error on behalf of the club.
According to the Financial Times, Saracens’ deal with Allianz was worth £2 million per year to the club.
In a statement last year, the company said they would hold talks with the club and “the financial decisions taken in relation to the remuneration of the players are taken by the club’s officials and Allianz has played no part in this process.
“At Allianz we act with transparency and integrity and living up to these high standards is very important to us. We will be holding discussions with the club to confirm this shared understanding and commitment going forward.”
While confirming the news, Saracens thanked their continuing partners for their support.
“The partnership was successful since its inception back in 2012, encompassing naming rights for Allianz Park stadium and the club’s playing shirts, as well as Principal Partner of the Saracens Sports Foundation.
“Saracens would like to thank Allianz for its support over the last eight years and the Club is pleased that it has re-affirmed its commitment to the Foundation until the end of the 2020/21 season. This ensures continuity in what is such a key aspect of the Club’s community programme in a partnership which uses the power of sports to inspire and improve lives throughout the north London community.
“Saracens look forward to the remainder of the 2019/20 season working with the Allianz team around the club’s existing games at Allianz Park as well as its showpiece fixture The Showdown at Tottenham Hotspur Stadium on Saturday 28th March, where Saracens will play in Allianz’s special edition blue shirt.
“Saracens look forward to working with our stable of committed Principal Partners including Nike, Hy-Pro and Simba and we would like to thank them for their ongoing support. We are also excited about developing new commercial partnerships in the coming months.”