In the early stages of the investigation, Saracens defended their co-investment approach, which resulted in relegation and a £5.36million fine. Their stance centred on 'caring' and long-term development for players but Myners is cuttingly dismissive.

'The arrangements they entered into were not a comprehensive programme affecting a significant proportion of their squad. They were very much focused on three or four very high-profile, already relatively well-paid players.

'To try to suggest that this was equivalent to some boy scouts' gesture — playing on the heartstrings of short careers, high injury risks and preparing people for the future... there was nothing in the arrangements which could be described as practical lessons in business for the future. I think that's a load of hogwash.'

Pretty damning