Allianz set to terminate Saracens sponsorship

Saracens' trouble in the ongoing season continues to mount with the latest setback being Allianz is set to cut its ties with the club.

The European multinational financial company headquartered in Germany has been the principal sponsor of Saracens since 2012 and signed a new contract in 2017 that was about to end in 2021.

However, with Saracens set to be relegated from the Premiership at the end of the ongoing season following breaches in salary cap that also saw them fined £5.4m, Allianz seemed to have pulled out their association with the club.

According to a report in Financial Times, it is learnt that the deal between Allianz and Saracens is around £2 million a year.

The insurance company also has its name associated with the club's home venue which is Allianz Park but it would be yet to know whether the arrangement will continue after the sponsorship deal is terminated.

Earlier, Saracens were handed two separate fines of an undisclosed amount and €50,000 by EPCR for not attending the launch of the tournament and fielding an ineligible player during the game against Racing 92 respectively.