Players on the LIV Golftour are reportedly bracing themselves for the Saudi Arabia Public Investment Fund (PIF) to withdraw its financial backing at the conclusion of the current season. The future of the breakaway league has been the subject of considerable debate this week.

Despite the swirling speculation, the tour's latest tournament proceeded as planned on Thursday. In a defiant response, the league's official X account posted simply: "Slow news day? We are ON."

LIV sent shockwaves through the golfing world in 2022, luring some of the sport's biggest names away from the PGA and DP World Tour. High-profile players, including Phil Mickelson, Bryson DeChambeau and Sergio Garcia, all switched allegiances to the breakaway circuit.

Yet despite attracting such marquee names, the tour has remained heavily reliant on PIF funding, with each tournament costing in the region of £22million to stage. PIF is reported to have ploughed over £3.7billion into LIV since its inception, with no expectation of it turning a profit in the near future.

The Times reports that players are now anticipating the funding will be axed following the final event of the season, scheduled to take place in Michigan at the end of August. Should that be true, the consequences for the league's survival could be devastating.

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PIF have approved a new five-year strategy, placing greater emphasis on ventures delivering substantial economic returns. The fund has since offloaded a 70 per cent stake in Saudi Pro League club Al-Hilal.

In a live television interview, LIV Golf chief executive Scott O'Neil provided an update on the league's future plans. "How we go forward is what I'm really excited about," he said.

"I talked about some structural changes. They're coming. You can ask just about the 50 people I met in Augusta [at the Masters]. I rolled out the plan. We have one, and it is going to . . . it might surprise some people.

"But I will tell you, this notion of bringing teams to market, I had two calls this morning. This notion of do you have to raise money? Probably. This is business.

"But if we keep the trajectory going the way we are and the revenue growth going, this is going to be a really good business for a really long time."

PIF also owns Premier League club Newcastle United, though the Times reports that any decision regarding their involvement in LIV Golf will be entirely separate from their ownership of the club.

PIF is additionally said to remain fully committed to its Formula 1 interests.