The Irish government agreed to "underwrite the tournament fee and basic budget" for the country’s bid to host the Rugby World Cup in '23, according to Niamh Lyons of the LONDON TIMES. It is understood that the cost would be about €320M ($358M) and "will form an essential part of the proposal to host the third-largest global sporting event." Ireland "faces stiff competition" from France and South Africa in its attempt to secure the tournament. The leaders of Northern Ireland’s five main parties have been "asked to sign a document committed to the executive’s share of the overall bill." It will "ensure that the deal can be struck no matter which parties form the next coalition government, once power-sharing is restored." The Democratic Unionist Party, Sinn Féin, Social Democratic & Labour Party, Alliance Party and Ulster Unionist Party are all signatories to the letter that would "guarantee co-operation." A spokesperson for Minister for Sport Shane Ross said that the absence of a Northern Ireland assembly would "not remotely" affect Ireland’s bid. Underwriting the bid is understood to cost €120M ($134.3M) in tournament fees while a further €200M ($224M) is "being provided for the management and redevelopment of stadiums and operational requirements including policing and security" (LONDON TIMES, 5/24).