Saracens owner Nigel Wray has gone into business with four England stars

Sportsmail investigation reveals multi-millionaire property entrepreneur's links

Wray has also co-owned houses with former Saracens players, accounts show

Premiership Rugby is now to examine whether the salary cap has been breached

Saracens owner Nigel Wray has gone into business with England captain Owen Farrell and three other senior members of the squad, raising questions over whether they have broken salary cap regulations.

Premiership Rugby has said it will 'look closely' at material provided by Sportsmail to determine whether the all-conquering club are operating within the rules of its £7million salary cap.

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A four-month investigation by Sportsmail has revealed that multi-millionaire property entrepreneur Wray owns businesses with England stars Farrell, Billy and Mako Vunipola and Richard Wigglesworth, and has also co-owned houses with former Saracens players.

Saracens owner Nigel Wray has business relations with Owen Farrell and three other players

Our investigation prompts questions about how benefits that players receive from these arrangements are accounted for in rules which regulate their salaries, which are set by Premiership Rugby Ltd (PRL). Sportsmail understands that rival club owners are ready to call for a full investigation into Saracens by PRL.

Under the ownership of Wray — who is worth £315m — Saracens have become one of the dominant forces in European rugby, winning the Premiership three times in the last four seasons and being crowned double European champions.

The club, who have previously been investigated in relation to the salary cap, already boast eight members of England's Six Nations squad and are about to acquire a ninth when Elliot Daly joins from Wasps.

Like all the clubs in the Premiership, they have to operate within strict salary cap regulations that limit the money they can spend on all their players to £7m per season — plus two 'marquee players' whose salaries are not included.

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Sportsmail has found that Wray, who has been involved at Saracens since 1995 and reclaimed full control of the club last year, has struck up business arrangements with four of his top players. Documents at Companies House reveal that on the same day in early 2017, two separate investment property companies were set up by a business associate of Wray's and given the names ShahDan Limited and DanCallie Ltd.

In both cases, this associate, Daniel van den Heever, was sole director and Wray sole shareholder at the point of incorporation.

Within three months, the names, directors and shareholders of the companies had changed.

ShahDan Limited became VunProp Ltd on March 31, 2017, with the two Vunipola brothers becoming joint directors and 33.3 per cent shareholders by the end of April.

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THE SALARY CAP EXPLAINED The salary cap stands at £7million, which was increased from £6.5m in the 2016-17 season. Built into the cap is the ability for clubs to nominate two 'excluded players', whose salaries are not included, and claim £400,000 in injury credits. The identity of the excluded players is confidential. Within the £7m there is £600,000 of 'Homegrown senior player credits' (defined as relating to a senior player who was at the club before his 18th birthday and has been there for at least two complete salary cap years prior to the current salary cap year), at a rate of £50,000 maximum per individual player. Clubs receive credits for players unavailable while on international duty of up to £80,000 per player.

Accounts filed with Companies House show the company owns £1.5million worth of property, including a £592,500 property near Bermondsey, South London, bought in March 2017.

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There is a £1m bank loan and another loan of £522,560 listed.

Meanwhile, DanCallie Ltd became Wiggy9 Investments, with Wigglesworth — who has 33 England caps — owning 65 per cent of the shares and Wray 35 per cent.

Accounts show the company has £875,000 of investment property and at the end of the year £189,397 was available to shareholders.

England captain Farrell is the most recent player known to have gone into business with Wray.

Less than a month after Farrell signed a contract extension with Saracens in 2017, the financial management firm Faz Investments Ltd was set up by former Saracens director Kamal Shah, with Farrell and Wray as the only shareholders. No accounts have yet been filed.

Premiership Rugby declined to comment when asked to confirm whether they were notified of these arrangements by Saracens, saying that declarations by each club are confidential.

An investigation of Saracens players' living arrangements found more links between Wray and his players. Documents show that he still co-owns the £690,000 property in Harpenden where Schalk Brits is registered as having lived since 2011. Brits, 37, retired from rugby last year but now plays for South African side Bulls.

Wray bought the house in July 2011 with Brits, Brits's wife Colinda and Bermuda-based multi-millionaire insurer Dominic Silvester, who is a director of Saracens.

Wray also owned the £587,500 house in St Albans in which former Scotland lock Jim Hamilton lived until the end of 2017, despite retiring in May 2017. The property was sold in February 2018.

Property-sharing between Wray and players was first provided at Saracens, Sportsmail understands, 15 years ago to help players cope with rising property prices in southern England. Saracens declined to comment on whether these arrangements had been in operation since 2004.

Asked if Wray charges rent to the players while they live in the property, Saracens again declined to comment.

They also would not confirm on the record if all the arrangements uncovered by Sportsmail had been declared to PRL salary cap manager Andrew Rogers.

Under the salary cap regulations, all 'contracts' or 'arrangements' between a club (or any connected party) and a player must be declared to the salary cap manager. The regulations also state that 'any accommodation or holiday cost' is included in the salary of a player.

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When contacted by Sportsmail, Saracens said they have declared 'all remuneration' as part of their salary cap obligations.

In 2014, Sportsmail revealed that PRL had launched an inquiry into Saracens and Bath following allegations raised by a whistleblower.

SO, WHO IS THE SARRIES OWNER? Property entrepreneur Nigel Wray has been involved with Saracens since 1995 and reclaimed full control of the club last year when South African investors Remgro sold their 50 per cent stake. Wray, estimated to be worth £315million and named the 394th wealthiest person in the UK in the latest Sunday Times Rich List, has spent more than £50m developing the club. Wray was an early investor in Domino's pizza, transforming that three per cent shareholding into £28m, which he sold in 2013. Aside from his passion for Saracens, the 70-year-old former banker has numerous property operations run through London-based Prestbury Investment Holdings, which he runs with Nick Leslau, one of the UK's most successful property investors and a director of Saracens. Wray also co-owns a four-star hotel in Devon and has invested in a food-writing venture and a designer clothes website.

PRL never confirmed the names of the clubs involved, but every side except Saracens, Bath and Leicester publicly denied their set-up was being investigated.

Later, it appeared as though only Saracens had been in the spotlight. The probe lasted nearly a year and came to an end when an out-of-court settlement was reached.

Many fans reacted badly to the decision, labelling it 'a cop-out'.

A spokesperson for Saracens said: 'It is not policy to supply specific details on publicly available information. The club readily complies with Premiership Rugby salary regulations and information relating to remuneration is declared to the salary cap manager.'

A spokesperson for PRL said: 'We take all information relating to the salary cap framework very seriously. We have received all the relevant information from Sportsmail and will consider it in detail to determine if any action needs to be taken. Premiership Rugby has a duty to all clubs to deliver the system in a transparent, objective and non- discriminatory manner.

'Each season, all our clubs are subject to a detailed independent audit of all player salaries and benefits to ensure they are fully declared and comply with the salary cap framework set by our board. We can't comment on the specifics of the Sportsmail story but will look closely at any information provided.

'Any decision on follow-up action would be taken with the assistance of independent bodies in accordance with the regulations.

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'There can be several elements comprising salary and a full description of this — as well as a connected party — is included in the regulations which can be found at premiershiprugby.com.'

WRAY'S COMPANIES WITH CURRENT SARACENS PLAYERS FAZ Investments LTD - Owen Farrell Farrell, the England captain in this Six Nations and one of the best players in the world, is a joint shareholder of financial management firm Faz Investments Ltd with Saracens owner Nigel Wray. The company was set up on September 20, 2017 by chartered accountant Kamal Shah, a former director of Saracens and existing director of Premier Team Promotions, which runs the commercial side of Saracens. Shah has remained the sole director, with Farrell and Wray both 50 per cent shareholders. No accounts have yet been filed for this company. Wiggy9 Investments Limited - Richard Wigglesworth Wigglesworth has been capped 33 times by England and has made 159 appearances for Saracens since joining in 2010. He is a joint shareholder of Wiggy9 Investments Limited with Wray. The company was incorporated as DanCallie Ltd on January 31, 2017 by a business associate of Wray's called Daniel van den Heever, with Wray as the sole shareholder. Two months later it became Wiggy9 Investments, and on April 27, Van den Heever resigned as director and Wigglesworth became sole director, owning 65 per cent of the shares and Wray 35 per cent. Accounts show the company has £875,000 of investment property and at the end of the year £189,397 was available to shareholders. It is unclear whether any of this has been paid out in dividends. The documents also show a loan of £14,672 from a director. Vuniprop Limited - Mako and Billy Vunipola Brothers Mako and Billy Vunipola had led England's Six Nations charge until Mako's untimely injury ahead of the Wales defeat. They are joint shareholders of VunProp Limited with Wray. Mako has been at the club since 2011 and his younger brother Billy joined in 2013. The purpose of VunProp Ltd is listed on Companies House as 'other letting and operating of own or leased real estate' but initially the brothers were not involved. On January 31, 2017, the company was incorporated as ShahDan Ltd by Daniel van den Heever, with Wray as the sole shareholder. Less than a month later, Van den Heever left the company and was replaced by the Vunipolas, who came in as directors and joint shareholders with Wray. Accounts filed on November 13, 2018 show the company owns £1.5million of property, including a £592,500 property near Bermondsey that was bought in March 2017. There is a £1m bank loan and another loan of £522,560 listed. Shareholders are in debt by £24,481.