Liv golf was supposed to be the breakaway tour that changed golf as we know it.
Little over four years ago, liv threw wads of money at a host of star names and shook the sport to its core with its promise of revolution.
Now, with speculation intensifying that saudi arabia's public investment fund (pif) is set to pull financial support, the future of a tour which has relied on more than $5bn (£3.7bn) from the gulf state looks to be in severe doubt.
Named after the roman numerals of its rebellious 54-hole concept, liv certainly managed to disrupt the status quo.
But it didn't produce the swift, conclusive victory - over the pga tour and dp world tour - that those behind the breakaway hoped.
And while liv chiefs have bullishly insisted it is business as usual, senior figures in european golf have told bbc sport they believe liv will not continue past this year.
So where does it go from here? what happens to superstar players including jon rahm who were lured to liv? and is this a clear sign that saudi arabia, which has pumped cash into several sports, is tightening its spending?
Does liv have the money to continue?
discussion about liv's future went into overdrive on wednesday as the tour prepared for its latest event in mexico.
Several media outlets - across golf, sports news and finance - reported its imminent closure, before liv chief executive scott o'neil insisted it was business as usual in a tubthumping email to staff.
"our season continues exactly as planned, uninterrupted and at full throttle," o'neil wrote.
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 have 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.
"if there is no pif funding, there is a real question of whether they are viable given the losses," one of the european sources added.