The governing body behind the England rugby union is now hesitant in setting aside a huge amount of money, roughly 80 million pounds, to host the 2015 Rugby World Cup.

According to reports, the global financial crisis was the main factor behind the hesitation of the union, stating that shelling out that amount to serve as guaranteed funding by the International Rugby Board (IRB) could lead to the union’s bankruptcy.

Francis Baron, England Rugby Union Chief Executive Officer, said that even if it’s a great honor to host the prestigious event, it would be risky to put the union into financial risk.

With this in mind, the England Rugby union is now hesitant to submit their bid. The deadline to submit the bid to host the Rugby World Cup is on Friday, May 8.

Baron added that if England gets to host the Cup by then, it will receive full support from the government and the Welsh Rugby Union, but officials from the latter stressed that it won’t make a joint bid.

On Wednesday, Scotland withdrew its bid to host the 2015 rugby event. Other countries that are still in the running are South Africa, Italy and Japan. The 2011 Rugby World Cup will take place in New Zealand.