KEY POINTS:
The organisers of the New Zealand Open have hinted that this week's tournament could be the last as a co-sanctioned European Tour event.
The economic reality of playing with the big boys has bitten New Zealand Golf hard and a review early next year will determine the future of this country's premier professional event.
New Zealand Golf chief executive Larry Graham is confident the $450,000 loss incurred last year will be significantly reduced. He says major logistical improvements have been made.
Even though last year's winner Niclas Fasth and fellow Swede Robert Karlsson - who had a stellar year on the European Tour - are among the European names missing this year, the field still has Michael Campbell, Craig Parry, Nick Doug-herty, Simon Dyson, Kevin Stadler and Barry Lane.
But even if the 2006 event does turn out to be less financially draining than 2005, serious questions still need to be asked.
"The important thing is that we focus on next week as we are committed to making the tournament as successful as it can be," said Graham. "I am conscious I have said we are not going to have the Open if it doesn't break even.
"But if we had no Open then I think our best players will disappear and we will never see them again. We have been running an Open since 1907 and it is hugely important, but maybe it's time for certain aspects to be reviewed."
The co-sanctioning arrangement leaves New Zealand struggling to pay for its ambition.
The big names need prize money and appearance money. While there is potentially more ticket and corporate revenue if recognised players take part, the co-sanctioning arrangement also comes with a crippling broadcast package.
Television costs are significant and the money from the European Tour comes nowhere near covering it.
A minimum prize pool of $1.5 million is required and the total budget this year is $4 million.
In a country where the major corporates gravitate towards rugby, raising sponsorship has been vexing.
According to Graham, the challenge was made harder by what he calls "a huge negative media campaign" to undermine the event and make potential benefactors reluctant to part with their readies.
With money hard to come by, there has been no slush fund to dip into and tempt premium European players to travel.
So the reality is that the Open is running to stand still. Distance and budget constraints mean it will never attract the best players and will probably always struggle to break even.
With the exception of Campbell, there will be no one this week who could claim to be in the top echelon. Dougherty is talented as are Dyson and the Irishman Peter Lawrie, but none has cracked the big time. They don't regularly win tournaments or challenge in the majors.
The issue for New Zealand Golf is that, under the co-sanction agreement, 65 places in the field are offered to European Tour members with another 65 going to the Australasian Tour.
That puts a major squeeze on places for local players who don't belong to either tour.
The decision for the review panel is whether they have the balance right.
Is the expense of the co-sanction worthwhile or would the Open be better returning to a less ambitious format where it is again, essentially, a competition between the best professional players in New Zealand and to a lesser extent Australia?
Miles Tunnicliff, the man Fasth beat in last year's play-off and Paul Lawrie, the last European winner of a major are also not returning.
A lack of respect for the Gulf Harbour course where 76 of the 79 finishers were under par last year was undoubtedly a factor.
Hopes are high that inclement weather and the decision to make the sixth hole a 450m par four will toughen the course up.
There is also mixed emotions over the appearance of so many New Zealanders.
The presence of Tim Wilkinson, Phil Tataurangi and Michael Long has come at the expense of places on the PGA Tour. If they had made the final round of qualifying for tour cards, none of them would be at Gulf Harbour.
Given the number of Kiwis starting, the chances of a New Zealand winner are higher than usual. Campbell missed the cut at the Australian Masters but he'll play how he plays and has a knack of finding confidence out of nothing.
The likes of Wilkinson, Long and Tataurangi have all got points to prove and the $272,000 first prize would come in kind of handy now they are living off sponsors' invites.
The organisers would certainly be happier if the winner is a local.
The chances of getting a European Tour pro to come back and defend the title next year if the event is not co-sanctioned would be minimal.
Five to watch
Bradley Iles
The 23-year-old was dubbed the most talented New Zealand golfer of his generation by Michael Campbell last year. Iles instantly made Campbell look good by finishing 26th at the Australian open - his first event as a professional - and sixth a week later at the Australian Masters.
The fairytale hasn't continued in quite the same vein. Iles has battled away on the Asian and Australasian tours and in 13 tournaments this year has not had a top 10 finish. But he's earning money, making cuts and learning his craft.
Nick Dougherty
The Englishman caught the eye of Nick Faldo when he won the Faldo Junior series, and has since been mentored by the six-time major winner. The 24-year-old was the Henry Cotton Rookie of the Year in 2002 and in 2005 won more than €1million on the European Tour.
Needs to win more tournaments to be considered a tour star but should be confident of challenging with relatively few big names in the field.
Michael Campbell
The sole major winner in the field has only ever won his home tournament once and that was back in 2000. Comes to Gulf Harbour after what has been a patchy season by his standards, but still won more than €700,000.
Looked to be in good touch at the recent HSBC Champions tournament but consistency has never been a theme Campbell has pulled off.
Kevin Stadler
Son of Craig, aka the Walrus. Tops the money list on the Australasian Tour and combines a long game off the tee with some subtle touches.
Likes this part of the world and has the mentality required to win tournaments.
Craig Parry
"Popeye" is a former winner of the New Zealand Open and one of the most competitive beasts in the world of golf.
The Australian has a game that has seen him win almost $9m in career earnings and win tournaments in the US and Europe.
