Wembley is likely to be a key part of the FA's campaign
The Football Association has revealed that the cost of bidding for the 2018 World Cup will be £15m.
It also said it will employ a similar bid team to the one that achieved success with the London 2012 Olympics.
An FA statement said: "The board approved the setting up of a 100%-owned subsidiary company within the FA.
"This would be governed by an executive board made up of a bid chairman, a bid chief executive, the FA chairman Lord Triesman and two deputy chairmen."
The FA added it could take up to six months for a full bid team to be assembled and said Lord Triesman will lead an interim management group until then.
The FA board were given a 63-page report into the proposed structure and details of the focus of the bid.
The FA statement added: "The report recommends an approach focusing on the benefits that a World Cup in England would bring to the development of football around the world, and commits England to producing a World Cup legacy which enriches the opportunities for football to flourish in all parts of the world."
The campaign would consist of three departments, looking after the technical bid, the bid campaign and government liaison, all reporting to the bid chairman and chief executive.
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