Jun Tsusaka, founder of Japanese private equity group Nippon Sangyo Suishin Kiko (NSSK), told the FT that Japan's men's golf tour was being "left behind" by other markets. NSSK agreed to buy the commercial rights to the tour earlier this year, committing ¥20bn ($125mn) to help revive its fortunes in a move similar to the US PGA's 2024 for-profit restructuring. Tsusaka said the key moment came at a pro-am event in New Zealand, where he was paired with Ryo Ishikawa, who confided that something had to be done to save the sport.

Japan has more than 2,000 golf courses, second only to the US, with the sport worth an estimated ¥1.4tn ($8.8bn). NSSK wants to copy the PGA's success, which is now valued at almost $13bn, by significantly boosting prize money to retain top players. LIV Golf this week filed for Chapter 11 bankruptcy protection, citing liabilities between $500mn and $1bn.