The more Toulouse have to spend, the more they fail. A club that doesn’t know what it takes to deal with a shortfall, keep falling short, writes Peter Jackson.

When Marcel Michelin created a rugby club for his hometown in 1911, he could never have imagined it would become what it is today – the team everyone wants to avoid.

Saracens were a north London parks team playing in front of the proverbial two men and a dog when Guy Noves began building the Toulouse empire 20 years ago.