Saracens are set to announce this month whether they will be forced to release players or reduce wages after being penalised for breaking the Premiership salary cap over the past three seasons. The club’s returning chief executive, Edward Griffiths, said he is keen “to demonstrate compliance as soon as possible” in order to show the English champions are operating legally this season.

Griffiths, who has returned to Saracens after a five-year absence, is now leading the clean-up operation in the wake of Nigel Wray’s decision to step down as chairman following the club’s 35-point deduction and record £5.3m penalty. That fine has now been reallocated among the other 12 Premiership shareholders, with rivals Exeter Chiefs announcing they would be donating their £350,000 share to charity.

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With the full details of the judgment still not in the public domain, concerns have been expressed in some quarters that Saracens may still be in breach of regulations this season. The club are obliged to reveal their figures by the end of the campaign but Griffiths has acknowledged he is keen to resolve any such doubts as soon as possible. “Clearly there is damage to the brand,” he told the Rugbypass website. “We are only obliged to show compliance with the salary cap at the end of the year but we recognise there are special circumstances.

“I am currently examining what the scope of any issue is and there are two ways of dealing with it. You either reduce your head count by letting people go or alternatively you reduce the salaries of those already there. This will clearly cause instability and uncertainty within the squad and it is in everyone’s interest that this is sorted as soon as possible while also being mindful that we are dealing with people’s lives, livelihoods and reputations.

“I would hope to have answers sooner rather than later. I told the squad last week the primary challenge is to provide certainty, confidence and clarity as soon as possible but there is no magic wand. It cannot be done in hours and I hope it would be done in a matter of weeks. We need to address the perception we are not operating on a level playing field in the coming days.”

Exeter’s board, meanwhile, have taken the unanimous decision not to keep any of the Saracens money and donate it instead to their local 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,” said Tony Rowe, the Chiefs chairman. “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.”

Owen Farrell has escaped any further punishment for his shoulder charge on the wing Tom Howe during Saracens’ win against Worcester on Saturday. Citing officials have ruled it did not meet the threshold for a red card, making Farrell available for Saracens’ last two European pool fixtures against Ospreys, who expect to have the Wales captain Alun Wyn Jones back available this weekend, and Racing 92.