Senior executives at LIV Golf have been called to an urgent gathering in New York amid growing acceptance that the breakaway circuit has turned into a £4.5billion financial catastrophe for its Saudi Arabian backers.
Rather than shutting down the controversial tour entirely, Saudi Arabia's Public Investment Fund is now pushing hard for a deal with the PGA Tour as a face-saving measure.
The emergency summit came as speculation mounted that LIV could be finished in its current format, with many anticipating a major announcement regarding the tour's direction.
The conspicuous absence of all senior figures from this week's Mexico event provided the clearest indication yet that significant developments were unfolding behind closed doors.
Competitors preparing for the £22.5million tournament appeared completely unaware of what was transpiring at headquarters.
One player, speaking anonymously to The Sun, said: "We've all heard the rumour about a possible shutdown. But that's all it is so far a rumour."
The golfer suggested much of the speculation stemmed from LIV executives attending the Masters in Augusta, though he noted this was standard practice.
LIV Golf was founded in 2021 as an alternative to the PGA Tour
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"If there is anything to it, hopefully it's going to be a merger," they added.
"But until we hear anything official, we're just carrying on with our preparations as usual."
Sergio Garcia sought to calm concerns at a press conference, insisting nothing had changed since PIF governor Yasir Al-Rumayyan pledged full support for the tour in January.
LATEST SPORTS NEWS:
Five quirky facts about golf | GETTYThe media centre was unexpectedly shuttered, with journalists only learning of the closure while waiting to board transport to the venue.
Staff organising the Mexico event received instructions to disregard the rumours and continue as normal, though notably these directives contained no guarantees about what lay ahead.
The Public Investment Fund has poured more than £3.5bn into the venture since its launch five years ago, with that total projected to reach £4bn by year's end.
A £180m injection was approved on 1 February, and with PIF's estimated worth standing at £700bn, the 14-event circuit's survival had seemed assured.
However, economic pressures on Saudi Arabia stemming from the conflict in Iran may have rendered LIV an unaffordable luxury.
The tour is reportedly haemorrhaging approximately £50m monthly, a rate that appears unsustainable.
Brooks Koepka is among the names to have quit LIV Golf
| PAThe tour has failed to deliver the impact its owners anticipated, despite lavishing contracts worth up to £150m on marquee names.
Major champions Brooks Koepka, Dustin Johnson, Phil Mickelson and Patrick Reed were among those enticed away from the PGA Tour, alongside Ryder Cup stalwarts Garcia, Ian Poulter, Lee Westwood and Henrik Stenson.
Jon Rahm secured the most lucrative deal, signing for nearly £400million in late 2023 and subsequently convincing teammate Tyrrell Hatton to follow.
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