Nigel Wray has retired as chairman of Saracens with immediate effect, the English Premiership side announced on Thursday.
The move comes two months after the club was punished for breaching salary cap regulations.
European and English champions Saracens were docked 35 points and also fined 5.36 million pounds ($7.08 million) by the Premiership in November after some players were found guilty of entering into business partnerships with Wray.
“As we enter a new year, a new decade, it is time for the club to make a fresh start,” Wray said in a statement.
“I’m 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.”