Reigning Premiership champions Saracens are asking their top earners to defer a sum of their wages until the season restarts.
Nigel Wray and chairman Neil Golding released a club statement confirming the majority of staff had been furloughed, while asking those who earn over £75,000 to offset some of their wages to later in the year.
As such, England captain Owen Farrell has been asked to wait on payment of around £280,000 as Saracens reflect the serious impact the global health crisis in having on clubs.
“Saracens will be participating in the government furloughing scheme and in addition have asked players and all employees earning over £75,000 to defer payment of their salaries, over and above this amount, until the start of the 2020/21 season. The amounts deferred will be repaid over an 18-month period from the start of the 2020/21 season,” a Saracens statement read.
“We understand this is really tough for everyone, but the reality is that the only way to survive this unprecedented situation as a club is to make these adjustments,” club chairman Golding added.
“The board are very optimistic that this is a short-term issue and are taking steps to secure future funding which will put the club on a very sound financial footing.
“We want to continue to grow our brand which extends far beyond the pitch with our incredible Saracens Sport Foundation and Saracens High School. We understand the weight of responsibility that comes with having nurtured one of the greatest rugby clubs in the world and what it means to all our fans.”
The deferral of wages and the promise of payment over an 18-month stretch places more financial burden on Saracens, bound for the Championship in the 2020-21 season.
Found to have breached the Premiership's salary cap regulations over the past three seasons, Saracens were given a £5.36m fine in addition to a 70-point deduction which effectively sealed their relegation.
