Allianz confirms it will end sponsorship of Saracens

FILE PHOTO: Rugby Union - Premiership - Harlequins v Saracens - Twickenham Stoop, London, Britain - January 26, 2020 Players from Saracens, being relegated to the Championship next season, dejected after the match Action Images/Andrew Couldridge/File Photo

Insurer Allianz <ALVG.DE> said it will end its sponsorship of Saracens rugby club and their stadium, after the Premiership champions were relegated from English rugby's top division for breaching salary cap rules.

"Allianz has taken the difficult decision to end its sponsorship of Saracens Rugby Club and stadium at the end of this season," the German company said.

The club's interim chief executive Edward Griffiths resigned late last month after the club accepted their imposed relegation at the end of the season.

FILE PHOTO: Flags with the logo of Allianz SE, Europe's biggest insurer, are pictured before the company's annual shareholders' meeting in Munich, Germany May 3, 2017. REUTERS/Michaela Rehle

Saracens, who have racked up four Premiership titles and three European crowns in the past five years with international stars such as Owen Farrell, Maro Itoje, and the Vunipola brothers, were sanctioned in January for spending above the league's 7 million pound ($9 million) salary cap.

(Reporting By Lawrence White;Editing by Elaine Hardcastle)