Saracens take drastic financial measures in light of coronavirus crisis as Owen Farrell defers almost £300,000 of salary until September
- England captain Owen Farrell has deferred nearly £300,000 of his wages
- Saracens confirmed they would be using the government’s furlough scheme
- But they have also asked their players to defer huge chunks of their salaries
- The wages will be re-paid over an 18-month period when the season resumes
- Learn more about how to help people impacted by COVID
England captain Owen Farrell has deferred nearly £300,000 of his salary until at least September as part of drastic financial measures taken by Saracens in light of the coronavirus pandemic.
The English league champions confirmed last night they had taken advantage of the government’s furlough scheme – meaning all their players’ wages are now part-funded by the state.
But also Saracens have asked their players, and other employees, to defer huge chunks of their salaries until the start of the 2020-21 season. Players will now be paid a maximum of just £75,000 until the start of next season.
England captain Owen Farrell has deferred nearly £300,000 of his salary until September
Saracens confirmed last night they had taken advantage of the government’s furlough scheme
So the likes of Farrell, who earns £750,000-a-year, and England regulars Maro Itoje, Jamie George, Elliot Daly and the Vunipola brothers will temporarily give up hundreds of thousands of pounds for at least the next five months.
For Farrell that means deferring 90 per cent of his wages – akin to around £280,000 – until Saracens begin their season in the second-tier Championship.
These deferred wages will be repaid by Sarries over an 18-month period after the new season resumes – but that will raise issues over their compliance with the salary cap next year, unless Premiership Rugby change their regulations to reflect this unprecedented situation.
Itoje said on the move: ‘In order to see this through, the whole organisation needs to pull together and do what we can for the future of Saracens and our individual career’s within the sport.’
Chairman Neil Golding added: ‘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.’
Maro Itoje said that the whole organisation needs to pull together for the future of the club