Discussion about LIV’s future went into overdrive earlier this month as the tour prepared for its latest event in Mexico.
Several media outlets – across golf, sports news and finance – reported its imminent closure, before chief executive O’Neil insisted it was business as usual in a tubthumping email to staff.
It was striking O’Neil only spoke about 2026 and did not address what might lie ahead.
Players were told last month that funding was in place until 2032 but well-placed figures in European golf told BBC Sport they believe PIF is withdrawing its financial support.
One source said he fully expected 2026 to be LIV’s last season and another felt its leadership was trying to convince itself other revenue could be found.
But many – as one summarised – think it may fall apart quickly.
The LIV project, which pivoted to a more traditional 72-hole format this year, has been bankrolled by an eye-watering amount of money from PIF.
The overall investment surpassed $5bn (£3.8bn) when fresh capital of $266.7m was injected earlier this year, external.
The tour’s net losses in markets outside the US increased to $462m (£340m) in 2024, meaning it had lost more than $1.1bn (£810m) since it was established in 2021.
With vast amounts of money pumped into the US arm of the operation, losses look likely to run to several billion dollars.
