Saracens' management of the salary cap remains under scrutiny after Premiership Rugby revealed the four-times champions had not disclosed the full extent of their business deals with players.

A number of the north London club's leading players share co-investments with Sarries owner Nigel Wray.

Premiership Rugby says the Allianz Park outfit had contravened regulations by initially not sharing all of these details, and will now review further.

Saracens have explained the delay as a "minor internal oversight" and insist they comply with rules.

Last month Wray issued a statement saying Saracens "proactively disclose co-investments when they occur, even though we are under no obligation to do so," which has now been disputed by Premiership Rugby.

"Clubs are required to supply information to the Premiership Rugby salary cap manager on any arrangements between a connected party and a player which might constitute a payment or benefit in kind," said a Premiership Rugby statement.

"Saracens had not at the time of recent media speculation shared details of all the co-investment arrangements.

"The information now received will be reviewed."

In response, Saracens continued to defend their financial arrangements.

"Unprompted, we invited Premiership Rugby's salary cap manager into the club to openly discuss matters related to player salaries," a club statement read.

"While co-investments are not part of the salary regulations, we disclosed these transactions in good faith and indeed divulged more information than was necessary.

"Separately, following a minor internal oversight, Premiership Rugby was provided with details relating to some of these agreements.

"We remain confident we comply with the salary regulations and will continue to support the entrepreneurial spirit and future of our players."

The Premiership salary cap is currently £7 million, excluding marquee players and other credits.

If found guilty of breaching the salary cap, a club faces a fine or a possible points deduction. The maximum punishment under salary cap regulations is a 35-point deduction.

In February, Harlequins were fined £6,239.50 after exceeding the regulations last season - the south-west London side were £12,479 over the limit, and were docked 50p per £1 overspent.