Saracens have decided to release 18 of their squad this summer as they try to slash their wage bill. Former All Black lock Chris Jack and Pacific Islanders prop Cencus Johnston are among a host of highly-paid stars to be axed.

South African Brendan Venter, who will replace Eddie Jones as director of rugby in June, told the players of his decision at a meeting on Monday. He will be Saracens' seventh director of rugby in as many years.

Saracens intend to retain a core of South African players, including captain Neil de Kock and prop Cobus Visagie, and supplement them with young English-qualified players on substantially lower salaries.

Saracens, who are still considering a move to Fulham's Craven Cottage ground, say the credit crunch has forced them to act.

"Our logic is that, by being open and honest in February, we afford the affected players a realistic chance of finding a new club," a club statement read.

"The club could have waited until the end of the season but most clubs will have finalised their 2009/10 squads by then and the affected players would be left high and dry. This has been a difficult week but the reality is that Saracens are not immune to the economic realities being faced by many companies across the country."

Jones, who arrived last summer, announced his resignation this month citing "family reasons", although sources close to him insist he was also unhappy about the future direction of the club and the proposed move to Craven Cottage.

"There are some unhappy individuals," a club insider said. "It's going to be hard to keep the squad motivated until the end of the season."

Saracens stalwart Kevin Sorrell, whose ruptured knee ligament has ruled him out until the end of the season, is among the players set to be released along with flanker David Seymour and Ben Skirving.

Damian Hopley, chief executive of the Professional Rugby Players' Association, described the Sarries action as unprecedented but did not believe it signalled the first of a series of mass clear-outs at other Guinness Premiership clubs.

Hopley said: "We are still reeling from the shock of these players being shown the door and Sarries are unrecognisable from six months ago let alone six years ago. I am not sure other clubs are in a similar position. They are not going through the same revolution."