Allianz have announced they will end their sponsorship deal with Premiership club Saracens at the end of the season.
The news comes after it was confirmed last month that the English and European champions will be relegated to the second tier next term for breaching salary cap rules.
Financial services company Allianz have worked with Sarries since 2012, with the relationship worth reportedly more than £2million a year through naming rights to the ground and shirt sponsorship.
An Allianz statement read: “Allianz has taken the difficult decision to end its sponsorship of Saracens Rugby Club and stadium at the end of this season.
“Allianz intends to continue to be involved in the great work that the Saracens Sports Foundation does in their local community and wishes Saracens well in the future.”
Sarries responded with a statement of their own, which said: “Saracens Rugby Club can confirm it has agreed to end its lead partnership with Allianz at the end of the 2019-2020 season.
“The partnership was successful since its inception back in 2012, encompassing naming rights for Allianz Park stadium and the club’s playing shirts, as well as principal partner of the Saracens Sports Foundation.
“Saracens would like to thank Allianz for its support over the last eight years and the club is pleased that it has re-affirmed its commitment to the Foundation until the end of the 2020-21 season. This ensures continuity in what is such a key aspect of the club’s community programme in a partnership which uses the power of sports to inspire and improve lives throughout the north London community.
“Saracens look forward to the remainder of the 2019-20 season working with the Allianz team around the club’s existing games at Allianz Park as well as its showpiece fixture The Showdown at Tottenham Hotspur Stadium on Saturday 28th March, where Saracens will play in Allianz’s special edition blue shirt.
“Saracens look forward to working with our stable of committed Principal Partners including Nike, Hy-Pro and Simba and we would like to thank them for their ongoing support. We are also excited about developing new commercial partnerships in the coming months.”