Wray confirmed in the week that Sarries were speaking to investors

South African Investments Limited already has joint ownership of the Blue Bulls and Western Province.

"We hope Saracens will become a home away from home for South Africans in Britain," SAIL chief executive Brand de Villiers told the Sondag newspaper.

"There is a big South African rugby market in Britain."

The deal is likely to be finalised in the next six weeks.

SAIL employs a number of former South Africa players who have made it in business, and former Springbok captain Morne du Plessis sits on their board of directors.

He hopes the investment will enable player swaps between the South African provinces and Sarries.

"We never managed to get synergy between our different rugby investments in South Africa over the past few years," he said. "We are looking at doing that here, but we will have to see what we can do."

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Saracens chairman Nigel Wray has confirmed that negotiations with a South African company are ongoing.

"We are in discussions but from my own personal experience of such deals, they are never done until all the documents are signed - some happen, some don't," he said.

"The discussions involve an investment and not a sale of shares. Any potential deal will not affect the ownership or control of Saracens and both I and the board of directors remain fully committed to the club and taking us forward."

Reports surfaced last week that Saracens were in negotiations with South African businessman Johann Rupert with regard to a �10m investment into Premier Team Holdings, the company that controls the club.

An investment of that size would be the biggest single investment in club rugby since the game went fully professional in 1996.

Rupert, chairman of the Switzerland-based luxury goods company Richemont, was behind the 2004 attempt to introduce an England-based, all-South African club in England.