Exeter reveal what they've done with their £350k Saracens fine

Exeter Chiefs have revealed what they've done with the £350k Saracens salary cap fine that was doled out to each of the remaining 12 Premiership Rugby clubs.

It was reported yesterday that the remaining Premiership clubs would receive £490k, but in fact the sum appears now to be £350,000.

In a statement the West Country club revealed how they're using the windfall.

"The Exeter Chiefs Foundation, the club’s official charity, is today set to benefit to the tune of £350,000.

"The six-figure sum has been donated to the Foundation by the club’s board of directors, who voted unanimously to hand over the share of money provided to the other 12 Gallagher Premiership clubs, including the Chiefs, following the fine imposed on Saracens after being found guilty of breaching the league’s stringent salary cap regulations.

In November, Saracens were docked 35 league points and fined £5.3m by an independent review panel after they “failed to disclose payments to players in each of the seasons 2016-17, 2017-18 and 2018-19" and "exceeded the ceiling for payments to senior players in each of the three seasons”.

Chiefs CEO Tony Rowe

Tony Rowe OBE, chairman and chief executive of Exeter Rugby Club, said: “Following the unexpected sum of £350,000 being awarded to the club, the Board of Directors have decided unanimously that this money will be going straight to the club’s charity, the Exeter Chiefs Foundation.

“As this sum was not budgeted for, and looking at our own future forecasts, we feel we do not need to absorb this sum of money into the Rugby Club.

“Given where it has come from, the board felt it should go straight into the Foundation’s Funds, which will benefit hugely and use the money to help a great deal of charities and organisations within our local community.”

"The £350,000 award to the Foundation will take the charity’s official fundraising total to almost £2m and will be allocated to a wide range of charities and organisations who apply for project grants."

New Saracens CEO Edward Griffiths told RugbyPass: "We have the utmost respect for Tony Rowe (Exeter chairman) and the Exeter Chiefs but as a policy we would not comment either positively or negatively on the internal matters of another Premiership club.”