London - Saracens were "reckless" in their approach to salary cap rules and are paying the price, said a damning independent report into the English and European champions released on Thursday.
The report does not cover the current campaign, at the end of which Saracens will be relegated because they have continued to exceed the Pound 7 million limit.
In a summary of its decision, the panel said Saracens "continuously and recklessly failed to comply with its obligations to cooperate with the SCM.
The panel rejected the argument of former Saracens chairman Nigel Wray, who bankrolls the club, that investment is not salary.
Wray released a long statement in response to the report, saying: "I am really sorry for the heartache that I have caused you due to my ill-considered approach to matters relating to salary cap compliance."
"We do not accept that Saracens' breaches can all be characterised as merely negligent," the report said.
"I disagree with the suggestion the club has been open and transparent," Rogers said.
Names of the players involved were revealed by British media before the redacted official version was released on Thursday.