"We understand this decision will be hard for the Saracens family to accept".
Saracens was deducted 35 points ahead of the start of the English league season and fined more than 5 million pounds ($6.5 million) for three seasons' spending above the cap.
"Our goal is to rebuild trust".
The club, who failed to prove they were in compliance with the league's salary cap this season, will continue to compete in the Premiership for the remainder of the season and will drop into the Championship in 2020-21 with the club electing not to appeal their punishment, stating that they vow to "rebuild confidence and trust" in the club.
Officials chose to take the radical step after further discussions with the club who had already been punished earlier in the season for previous breaches.
"It is of general interest for the Premier League and English rugby to take this decisive step, to ensure that everyone can concentrate once again on the game of rugby, which we all love".
"We hope that we can now begin to restore confidence and, over time, build confidence in PRL, its stakeholders and the wider rugby community".
Chairman of the club Neil Golding gave his reaction to yesterday's news of Saracens' relegation.
"I've made mistakes - I don't think I prepared the side well". Given the schedule we didn't have time to do that at the World Cup and we will get that out on the table and see what we have learnt and what we have reflected on and make sure we don't make the same mistakes going forward.
In a conversation with Nathan Murphy last week about Off the Ball, Saracens and England said George Kruis didn't feel the injury had put an asterisk behind their performance.
"I'm mindful of it (any tensions), but it's also a great opportunity for us and the squad to get even tighter because problems are always there". I remember coaching Japan and the Panasonic players hated the Suntory players so we had to sort it out. Pivac has his own style of play and it will be interesting to see if he goes straight to that Scarlets style of play or stay with the more traditional Gatland style. But for me it is something that I feel very comfortable in the situation.
"Look, it is what it is".
"It's important - and I can understand why you want to ask questions about it - it's important, but the only important thing for those boys now is to get ready and play for England".
Earl is among eight uncapped players who travel to Portugal on Thursday for a pre-Six Nations training camp with the exciting Saracens prop joined by hooker Tom Dunn, wing Ollie Thorley, centre Fraser Dingwall, full-back George Furbank, lock Alex Moon, prop Will Stuart and fly-half Jacob Umaga. "So everyone's got different opinions and that's my view on it".
The Saracens will meet Racing 92 in the Europan Champions Cup at Allianz Park this afternoon.
"Someone like Ben Earl we'd like to keep at the club for the next five years, but he's so close to getting on the England team so we've got to see where Eddie's head is at and where Ben's head is at".