Andrew Rogers, the salary cap manager, sought a valuation from PRL’s accountants, Saffery Champness, who returned a valuation of £800,000. Against Saracens: Saracens did not register the transaction or clear it at the time and valuations are notoriously fluid. The panel found reasonable Rogers’s contention that Wray’s investments constituted open-ended loans, not repayable in the same salary cap year, and must thus be accounted salary. For Saracens: Wray’s investment was into the JVC, for which he took an appropriate shareholding. The regulations clearly stipulate that any loan not repaid within the same salary cap year counts as salary.

Source: The Guardian January 23, 2020 19:07 UTC