Allianz confirms parting of ways with demoted Saracens
Allianz, the German insurance firm, has confirmed it is ending its sponsorship of English Premiership Rugby club Saracens at the end of the season with the club set to be relegated for breaching salary cap rules.
The insurance firm has been Saracens’ principal sponsor since 2012, in a deal that has been worth £2 million ($2.6 million) per year, and includes shirt sponsorship and stadium naming rights to the club's Allianz Park home in north London.
The current agreement was due to run to 2021, but Allianz announced today it was ending the contract a year early, while maintaining support for a charitable arm.
In a statement, the company said: “Allianz has taken the difficult decision to end its sponsorship of Saracens Rugby Club and stadium at the end of this season. Allianz intends to continue to be involved in the great work that the Saracens Sports Foundation does in their local community and wishes Saracens well in the future.”
Saracens, who have won the Premiership in five of the last nine seasons and been European champions for three of the last four years, said: “The club can confirm that it has agreed to end its lead partnership with Allianz at the end of the 2019-20 season. Saracens would like to thank Allianz for its support over the last eight years and the club is pleased it has re-affirmed its commitment to the Foundation until the end of the 2020-21 season. We are also excited about developing new commercial partnerships in the coming months.”
Last November, Saracens were fined £5.36 million and docked 35 points for repeated violations of salary cap rules. Then, in January, the club apologised for continued breaches, and agreed to the punishment of relegation from the Premiership.
The club’s interim chief executive Edward Griffths resigned last month.