However, he does not want to make the club less competitive

Chairman Nigel Wray admits that cuts to playing staff could help

The club are the most indebted in rugby history

Debt levels at Saracens have soared again, rising from £41.6million to £45.1m to extend their own unwanted record of being the most indebted club in rugby history.

The Premiership side, believed but never confirmed to be one of the clubs who entered secret 'settlement' deals over the wage cap last year, also saw wages rise again in their most recent financial accounts just filed at Companies House.

They paid £9.81m in total club salaries in the year to summer 2015, up from £9.14m the year before.

Saracens chairman Nigel Wray has reflected on the club's perilous financial situation

Saracens' Jamie George runs with the ball during the Champions Cup win over Toulouse on Saturday

'The financial results, as you can see, are not good,' says Saracens chairman Nigel Wray in the accounts.

'But they are better [than last time] … we are finally going in the right direction.'

Wray admits in the accounts that Saracens could easily cut their losses by spending less on players.

'The curiosity is that the loss could be quite easily substantially reduced simply by having less players in the squad and finishing 11th!

'But that would send out a terrible message to the players that we weren't ambitious; would hardly attract sponsors and would reduced the Brand.'

The accounts say the losses will be funded by Saracens' parent company Premier Team Holdings Limited but there is also a note saying that support is not legally binding - leaving a theoretical risk of meltdown. That is unlikely, as is any future trouble from the Premiership over salaries.

Owen Farrell scores a penalty for Saracens during the 28-17 victory over Toulouse on Saturday

It has never been confirmed Saracens or any team breached the previous cap, although speculation was rife for years they had been doing so, and the secret settlements did nothing to counter that view.

The cap has risen since, to £5.1m for first-team squad players for the current season, with two 'excluded players' allowed to stand outside the cap.