English and European champions Saracens have decided not to appeal a 35-point penalty and fine of over £5 million for breaches of salary cap regulations.
An independent panel found earlier this month that Saracens had both failed to disclose payments to players and exceeded the ceiling for payments to senior players in each of the past three seasons to break the 7 million salary cap.
Saracens - who provided nine of the England squad, including captain Owen Farrell, that reached last month's Rugby World Cup final - had been subject to a nine-month investigation.
"We have made mistakes and so, with humility, we must accept these penalties," said Saracens Chairman Nigel Wray, who had previously signalled his intention to appeal, in a joint statement on behalf of the club and Premiership Rugby. "We confirm our commitment to the Salary Cap and the underlying principle of a level playing field, and will continue to work transparently with Premiership Rugby in this regard."
The points deduction will now come into effect, dropping Saracens from third in the table on 13 points, a point behind leaders Bristol, to -22 points, 26 adrift of bottom club Leicester.
To have any chance of defending their Premiership title, Saracens would need to make it back into the top four to reach the play-offs.
The points deduction could have a massive impact not only on Saracens' domestic campaign, but also on their defence of the European Champions Cup.
The holders were thumped 30-10 by Racing 92 in their opening group game and may have to focus their resources on ensuring they are not relegated from the English Premiership.
Darren Childs, Chief Executive of Premiership Rugby, said: "We welcome Saracens' decision to accept the verdict of the independent panel and are pleased the club has crucially reaffirmed its commitment to the Premiership Rugby Salary Cap. "This is the right outcome for English club rugby. Bringing this process to a conclusion means that we can focus on working in partnership with all clubs to continue to build a competitive and successful league."