THE EXETER CHIEFS have donated their £350,000 share of the fine imposed on Saracens to the club’s official charity, the Exeter Chiefs Foundation.
Sarries were fined £5.36m and deducted 35 points in November having been found guilty of breaching salary-cap regulations over three seasons between 2016 and 2019, with the sum of money divided up and distributed among the rest of the Gallagher Premiership stakeholders. It remains unclear as to whether the £5.36m was split equally among the remaining 12 clubs, which include Championship outfit Newcastle Falcons.
Exeter’s board voted unanimously to donate their six-figure fee to the club’s foundation, from which it will be allocated to a wide range of affiliated charities and organisations who apply for project grants.
Tony Rowe, the chairman and CEO of Exeter who has been one of Saracens’ most outspoken critics since their salary-cap breach was confirmed, said of the decision: “Following the unexpected sum of £350,000 being awarded to the club, the Board of Directors have decided unanimously that this money will be going straight to the club’s charity, the Exeter Chiefs Foundation.
As this sum was not budgeted for, and looking at our own future forecasts, we feel we do not need to absorb this sum of money into the Rugby Club.
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“Given where it has come from, the board felt it should go straight into the Foundation’s Funds, which will benefit hugely and use the money to help a great deal of charities and organisations within our local community.”
Exeter’s club charity has now raised almost £2m in total.
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Exeter Chiefs donate full £350,000 payment from Sarries salary-cap fine to charity
THE EXETER CHIEFS have donated their £350,000 share of the fine imposed on Saracens to the club’s official charity, the Exeter Chiefs Foundation.
Sarries were fined £5.36m and deducted 35 points in November having been found guilty of breaching salary-cap regulations over three seasons between 2016 and 2019, with the sum of money divided up and distributed among the rest of the Gallagher Premiership stakeholders. It remains unclear as to whether the £5.36m was split equally among the remaining 12 clubs, which include Championship outfit Newcastle Falcons.
Exeter’s board voted unanimously to donate their six-figure fee to the club’s foundation, from which it will be allocated to a wide range of affiliated charities and organisations who apply for project grants.
Tony Rowe, the chairman and CEO of Exeter who has been one of Saracens’ most outspoken critics since their salary-cap breach was confirmed, said of the decision: “Following the unexpected sum of £350,000 being awarded to the club, the Board of Directors have decided unanimously that this money will be going straight to the club’s charity, the Exeter Chiefs Foundation.
“Given where it has come from, the board felt it should go straight into the Foundation’s Funds, which will benefit hugely and use the money to help a great deal of charities and organisations within our local community.”
Exeter’s club charity has now raised almost £2m in total.
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