German insurance firm Allianz have confirmed they will end their sponsorship of Premiership champions Saracens at the end of the season in the wake of the salary cap scandal.

Last month it was announced Saracens will be relegated for persistently spending above the wage limit.

Allianz have been the club's main backer since 2012, through shirt sponsorship and stadium naming rights.

The deal is reportedly worth more than £2m a year to Saracens.

It was due to run until 2021, but the two parties have agreed to end the partnership a year early.

Previously, Allianz had said it would be holding discussions with Saracens to confirm a "shared understanding and commitment going forward".

The company will continue to support the Saracens Sports Foundation until the end of next season.

The north London club thanked their other sponsors for their "ongoing support", adding that they will look to develop "new commercial partnerships in the coming months".

Mark McCall's side will still wear Allianz's special edition blue shirt in the London derby with Harlequins at Tottenham Hotspur Stadium on 28 March.