Debt levels at Premiership side Saracens "have soared again," rising from £41.6M ($59.4M) to £45.1M ($64.3M) to extend its own unwanted record of being "the most indebted club in rugby history," according to Nick Harris of the London DAILY MAIL. The club, believed but never confirmed to be one of the clubs who entered secret "settlement" deals over the wage cap last year, also "saw wages rise again" in its most recent financial accounts just filed at Companies House. It paid £9.81M ($14M) in total club salaries in the year to summer '15, up from £9.14M "the year before." Saracens Chair Nigel Wray said, "The financial results, as you can see, are not good. But they are better [than last time] ... we are finally going in the right direction." Wray admits in the accounts that Saracens "could easily" cut its losses by spending less on players. He said, "The curiosity is that the loss could be quite easily substantially reduced simply by having less players in the squad and finishing 11th! But that would send out a terrible message to the players that we weren't ambitious; would hardly attract sponsors and would reduced the Brand." The accounts say that the losses will be funded by Saracens' parent company Premier Team Holdings Ltd. but there is "also a note saying that support is not legally binding -- leaving a theoretical risk of meltdown." That "is unlikely, as is any future trouble from the Premiership over salaries" (DAILY MAIL, 1/24).
