New Delhi, July 30 -- NEW YORK - The Michigan Team Championship is gone. The email from Scott O'Neil landed in players' inboxes this week, acknowledging what the league called a "disciplined approach" to long-term sustainability, asking them to hold the course. For the dozens of golfers who signed LIV contracts and surrendered their PGA Tour cards starting in 2022, it was the clearest signal yet of where they stand.

roughly $250 million to $300 million in what the league characterizes as qualified term sheets from unnamed "blue-chip investment firms," organized around a restructured entity called LIV 2.0 under which players would own a majority stake in the tour they compete on.

That outcome is not yet secured. O'Neil set September as h...