Premiership club donating money to their charity, the Exeter Chiefs Foundation
Monday 6 January 2020 16:39, UK
Exeter have revealed receipt of a £350,000 share following the £5.36m fine imposed on Premiership rivals Saracens for breaching salary cap regulations.
Premiership Rugby has so far not commented on reports that the fine was to be divided up and paid to the league's other 12 Premiership shareholder clubs.
But Exeter say their slice of the cake will be donated to the Exeter Chiefs Foundation, the club's official charity.
In a statement, Exeter said: "The Exeter Chiefs Foundation, the club's official charity, is today set to benefit to the tune of £350,000.
"The six-figure sum has been donated to the Foundation by the club's board of directors, who voted unanimously to hand over the share of money provided to the other 12 Gallagher Premiership clubs, including the Chiefs, following the fine imposed on Saracens after being found guilty of breaching the league's stringent salary cap regulations.
"In November, Saracens were docked 35 league points and fined £5.3m by an independent review panel after they 'failed to disclose payments to players in each of the seasons 2016-17, 2017-18 and 2018-19' and 'exceeded the ceiling for payments to senior players in each of the three seasons'.
Exeter chairman and chief executive Tony Rowe added: "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.
"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."
The £350,000 award to the Foundation will take the charity's official fundraising total to almost £2m, and will be allocated to a wide range of charities and organisations who apply for project grants.
Saracens, who beat Exeter in three Premiership finals during the past four seasons, are currently 18 points adrift at the bottom of the league.
