England may withdraw their bid to stage the 2015 Rugby World Cup because of "massive financial risks", according to RFU chief executive Francis Baron.
Baron told the BBC that he believes the International Rugby Board's demands for a guaranteed sum in profits has changed the bid process.
"It puts an absolutely massive financial risk on the bidding union," he said. "Our predictions make it unlikely England could actually make a profit out of hosting a World Cup in 2015. At the moment we just can't make the numbers work because of the scale of the financial guarantee required.”
Australian rugby chief John O'Neill has already criticised the cost of hosting the tournament, believed to be £100 million and £120 million respectively for the 2015 and 2019 events.
Eight different countries have expressed an interest in hosting the 2015 event, including Wales, Scotland and Ireland.
