The Shoot-out may be back next year at Mid Ocean Club, but one thing for certain Merrill Lynch will not.

After months of speculation about the future involvement of the US-based financial services institution in the prestigious golf tournament, it was confirmed yesterday that a new title sponsor is being sought.

Michael Dunkley, chairman of golf at the sprawling Tucker's Town resort and the tournament co-chairman, yesterday acknowledged that the company would not be renewing their contract with the Professional Golfers Association (PGA) after ten years.

"With Merrill Lynch's contract running out, they've decided that they want to take the advertising money and do other things,'' said Dunkley, whose club has hosted the international event in conjunction with the department of Tourism, featuring many of the top names in professional golf, the past three years.

"The point we're at now is that the PGA tour is looking at ways of continuing the Shoot-Out and right now they're negotiating with various parties on how it can be done.'' Still, there is no guarantee that even when a new sponsor is found that the tourney would be held here.

While most of the sponsorship deals have been multi-year contracts, Bermuda has operated on a year-to-year basis, with there always being the possibility that the PGA could move the Shoot-out to another locale.

Dunkley though was optimistic that Bermudians and visitors alike would once again be able to bear witness to golf at the premier level.

"I don't have anything in concrete that it will come back. Merrill Lynch had sponsored the event for the past ten years and for the past three years Bermuda has been involved, with the participation of the Department of Tourism and the Mid Ocean Club hosting the event,'' he said.

"I feel pretty confident that Bermuda will be involved, because over the last three years they have been truly content with what we have done here and it has been an overwhelming success.

"So I can't tell you it will definitely be coming back, but I can say -- as far as the Mid Ocean Club is concerned that we really love the Shoot-Out and format we have at Mid Ocean and I think Bermuda as a whole is very comfortable with the event.'' Almost to a man, the PGA's top pros have over the years expressed praise for the event and Bermuda.

Burly Californian Craig Stadler outlasted nine other fellow pros to claim this year's top prize of $150,000 beating Scott Hoch in a shoot-out at the ninth hole.

Shoot-out coordinator Todd Lincoln could not be reached for comment yesterday was said to be out scouring local businesses in an attempt to increase their involvement in the event.

Ironically, Merrill Lynch's decision to withdraw came just days after it was revealed that Brut By Faberge were pulling out of the Gold Cup sailing regatta, meaning that two of Bermuda's prime international sporting events had lost title sponsors.