Exeter have seen a host of internationals and seasoned players leave the club over the past 18 months.

Jack Nowell, Luke Cowan-Dickie, Stuart Hogg, Dave Ewers and the Simmonds brothers are amongst the names that have either moved to different teams – mainly in France – or retired.

It saw a new-look young side impress many people last season as players such as Immanuel Feyi-Waboso, Greg Fisilau and Jenkins took on greater roles in the side.

Those young players – with experienced help from Henry Slade, Scott Sio and Jack Yeandle – exceeded expectations in 2023-24 with a seventh-placed finish and hopes of making the top four until the final day of the season.

Baxter says the club has had to curb its spending as it works its way out of the financial problems caused by the Covid-19 pandemic, which is now having a ripple effect on the team this season.

“We’ve spent a little more this year than last year, but we’re miles off the salary cap,” he said.

“We said coming out of Covid, ‘we’re a member’s club, we have to run as a profit-making business’.

“We can’t just run forever as a loss-making business because that’s illegal, our accountants can’t say we’re a going concern, we have to make those decisions.