Allianz has confirmed the veracity of reports that said it will no longer back rugby team Saracens, which has been relegated from the Gallagher Premiership due to salary cap violations.
In a statement issued by the insurer, it said: “Allianz has taken the difficult decision to end its sponsorship of Saracens Rugby Club and stadium at the end of this season.”
Reasons for the move were not cited. Meanwhile, it’s been revealed that Allianz won’t be cutting its ties with the club’s charitable arm.
“Allianz intends to continue to be involved in the great work that the Saracens Sport Foundation does in their local community and wishes Saracens well in the future,” added the firm.