LIV Golf has cancelled its Team Championships in Michigan after weeks of speculation, saying it needs to focus on “building its next chapter”.

It had been widely expected that the event from 27 to 30 August would not happen, as players including Tyrrell Hatton entered the British Masters over the same dates and tickets were no longer being sold.

However, confirmation came on Monday with a statement from LIV Golf outlining changes to the schedule, meaning this week’s event in Indianapolis will be the last of the season and double up as a team competition.

The breakaway league has faced an uncertain future since Saudi Arabia withdrew its financial backing in April.

LIV Golf CEO Scott O’Neil, who recently said new investors had been secured, explained: “By concluding the season now, we can put our full resources behind what comes next and maintain the operational rigor this transition demands.

“We are reimagining LIV Golf as a fundamentally new league owned by the players and anchored in a sustainable business model, with an evolved fan experience built for the markets where the game is growing fastest across the globe and the support of world-class partners.

“Professional golf is more unified today than at any point since we launched, creating a genuine opportunity to grow the game together.

“Indianapolis will be a fitting finale for the league as fans have known it and the starting point for what we believe it can become.”

Since LIV launched in 2022, Saudi Arabia’s Public Investment Fund (PIF) has spent £3.7bn, luring players like Bryson DeChambeau with lucrative contracts and significant prize money.

Holding on to star players could prove pivotal to the new deal, and they are set to be offered equity.

However, the Telegraph reported LIV bosses expect Jon Rahm to leave.

The Spaniard’s representatives have not commented, but he is due to play in Indianapolis, having recently been crowned the league’s individual champion for a third consecutive year.

O’Neil previously said a transaction was expected to be completed in September.

LIV’s format has been based on boosting entertainment within golf, yet the Indianapolis event will no longer feature its weekend live music sets.

The statement said: “Due to unavoidable changes in the entertainment program for LIV Golf Indianapolis, the league informed Thomas Rhett and Disco Lines that their live musical performances will no longer take place. LIV Golf recognizes the disappointment these changes may bring for fans, local stakeholders, Thomas Rhett and Disco Lines, and appreciates the significant time and effort invested by the artists and their teams.”

It added: “Ticket-holders for the Michigan event will receive refunds.”