The Rugby Football Union (RFU) has confirmed that England will bid to host the 2015 Rugby World Cup, despite concerns over the potential financial implications of staging the event.

England's hopes of securing the tournament had appeared under threat after the RFU admitted that it was unsure whether it could afford to pay the £80m demanded by the International Rugby Board (IRB) in return for hosting rights in six years time. However, the national governing body has now decided to go ahead with its attempts to bring the event back to England for the first time since 1991 having secured the backing of the government.

RFU chief executive Francis Baron said: "We believe it is time that we brought the tournament back to England and are confident we would be able to provide the best platform to profile the sport on the world stage and enable us to make a lasting commitment to grassroots rugby." A five-man delegation, including former players Will Greenwood and Lawrence Dallaglio and culture secretary Andy Burnham, will travel to Dublin on 13 May in order to present the bid proposals to the IRB Council.

London's Wembley Stadium and Old Trafford, Manchester, are set to be included alongside Twickenham and Cardiff's Millennium Stadium as part of the bid, which is expected to face competition from Italy, Japan and South Africa. Burnham added: "England 2015 would be a superb addition to a great decade of sport in Britain. The RFU has pulled together an outstanding bid that will take the game to new audiences. It has the government's full support and we will now work with them to make the case for it."

The Welsh Rugby Union (WRU) has also backed the RFU's bid. Chief executive Roger Lewis said: "I have been involved in detailed discussions with senior representatives of the RFU and the outcome will be great news for the rugby public of Wales if the bid succeeds. "I know the RFU have worked hard on their proposal and I can promise them that everyone involved in rugby in Wales would work tirelessly to ensure the competition is a massive success."