London Irish owner Mick Crossan says the decision to cut the Premiership salary cap could save some of England’s top rugby clubs from financial oblivion.
A meeting of club bosses on Monday night ended with unanimous agreement that the £7 million cap should be reduced by £1.4 million for two years from next summer.
Crossan revealed in April that last season had cost him £4 million and spoke of the desperate need for top-flight English rugby to change its financial model. “It had to become sustainable because it wasn’t,” he said. “This crisis has really brought home the issues the clubs have.
You just can’t afford to keep running a business that’s losing £3-4-5 million a year. It’s crazy. “We had to get real. I said before that this crisis