Baxter masterminded Exeter’s rise from playing in England’s second tier to becoming Premiership and European champions.

The Chiefs made six successive Premiership finals between 2016 and 2021, winning in 2017 and completing a domestic and Champions Cup double in 2020.

But the Covid-19 pandemic had a big impact on the club, both in terms of gate receipts and Exeter’s conferencing business, which was hit hard by the lockdown.

It led to the Chiefs shedding many of the star players that had guided them to European glory in 2020 and a new, young side being formed in the summer of 2023.

“We’re not at salary cap, we’ve released a large number of experienced players and internationals,” Baxter said.

“We had to do that and we are in a genuine rebuilding process.

“Sometimes you’ve just got to settle down and deal with what we are dealing with right in front of us now, which is expanding and developing the young group that we’ve got, adding some quality as finances allow.

“We’ve got the business on a level footing now and we will be expanding our investment in the squad and our investment in the things we are doing in the playing side.

“That’s our vision now going forward is that we are going to be on an upward journey.

“Do we have games to win now? Of course we do, we don’t want to be involved in any kind of a relegation battle or play-off at the end of the year, we want to be moving on from here, but that is what we’re expecting to do.”