World Rugby won't pursue a proposal to stage an international tournament next year that could raise up to $500m for a financially beleaguered game.

The Telegraph reported yesterday the idea is the brainchild of Francis Baron, a former chief executive of the England Rugby Union. The idea has been put before England bosses and World Rugby.

Staged over six weeks in June and July, 16 invited teams would play 31 matches under a plan that has apparently been given the title of "Coronavirus Cup of World Rugby".

However World Rugby released a statement shutting it down.

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"World Rugby notes a proposal by former RFU CEO Francis Baron suggesting the organisation of a major international rugby event in the UK in 2021 to alleviate the impact of COVID-19 on global rugby," the statement said.

"World Rugby does not intend to pursue such a proposal. All stakeholders continue to progress productive discussions regarding the immediate global COVID-19 financial relief strategy and international rugby calendar optimisation, both of which will further the success of Rugby World Cup 2023 in France."

Under Baron's plan, all profits from the proposed 2021 tournament would have been spread around the participating unions, and a support fund started for rugby families who had lost members to COVID-19.

Baron told the Telegraph: "The key will be winning the support of the southern hemisphere unions but with everyone facing horrendous financial challenges, this is a bold and ambitious plan to raise large amounts of new cash from which they will be major beneficiaries."

Baron helped England win hosting rights for the 2015 World Cup and said that tournament generated profits around $800m.

"The RFU (England) should take a leadership position and propose to other major unions and World Rugby that a special one-off tournament be held," Baron said.

"Its key selling point is that all the money raised would be for keeping the game of rugby alive around the world.

"I have talked to one or two senior colleagues and they all think the country would get right behind it."

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England predicts it will lose more than $200m in revenue if this year's autumn internationals are cancelled. World Rugby has already created a $160m rescue package.