Nigel Wray has retired as chairman of European and Premiership champions Saracens.

Wray will step down with immediate effect, two months after the London club were docked 35 Premiership points and fined £5.36million for breaching salary cap regulations.

"As we enter a new year, a new decade, it is time for the club to make a fresh start," Wray said.

"I am not getting any younger and feel this is the right moment for me to stand down as chairman and just enjoy being a fan of this incredible rugby club. I will always be committed to the wonderful Saracens family.

"The Wray family will continue to provide the required financial support to the club, and I will remain actively engaged in the work of the Saracens Sport Foundation and Saracens High School, as part of the club's ongoing commitment to our community in north London."

Saracens revealed a new independent chairman will be appointed to replace Wray in the near future.

Edward Griffiths will take up the role of interim chief executive for a year, while Mitesh Velani will take on a consultancy role and remain on the board.

Sarries are bottom of the Premiership table on minus 12 points and were beaten 14-7 in their last game of 2019 at Exeter on Sunday.