Brazil has withdrawn from the running to host the 2023 FIFA Women’s World Cup because of financial worries caused by the coronavirus pandemic.

The Brazilian Football Confederation announced the news saying it was unable to offer the required financial guarantees in the current climate.

In a statement on Monday they said: "Because of the fiscal and economic austerity brought on by the COVID-19 pandemic, (the government) thought it would not be recommended to right now sign the guarantees asked for by FIFA."

The organisation also admitted they had considered themselves outsiders in the race to host the games despite the country having successfully hosted the 2014 Men’s FIFA World Cup, the 2016 Olympic Games and the Copa America in 2019.

Authorities have instead pledged their support for fellow South American country Colombia who will be up against Japan and a joint bid from Australia and New Zealand to host the 32-team tournament.

Should Colombia emerge victorious they will be the first South American nation to host the women’s competition.

FIFA will decide the winning bid in an online vote on June 25.