THE story, a true one, goes that a certain Irish gambler put Pounds 40,000 on Michael Campbell to win the Murphy's Irish Open. The sting? That was two years ago, at Mount Juliet, a time when the Maori was apparently destined for great things and, in those pre-Tiger Woods days, Nike were beating down the door to get his signature.

There was no big pay-day for the punter, but it was darn close. Campbell was hot on the heels of the leaders at the midway stage and eventually finished in 12th place, three shots behind Sam Torrance. Two weeks later he led going into the last round of the British Open at St Andrews. The Campbell of that era was a contender.

Nowadays, the big New Zealander still has his Nike contract - destiny ordained a three-year deal, thankfully - but his appearances on the PGA European Tour are courtesy of sponsors' invitations. Times have changed. Last season, Campbell, the man who had almost won the Open, suffered seven missed cuts in 17 outings and lost his tour card.

He's back this week in Druids Glen, at the behest of the sponsors, outwardly the same Michael Campbell. Inwardly, he's searching for the golden touch that deserted him, ironically enough, when incurring a wrist injury on a rare competitive appearance in his native land. "December 1995

he recalls. "I'd been away for 11 months and was playing in the New Zealand Open, my first tournament back home since making it as a processional when my wrist popped on me.

The road back has taken him up blind alleys and down cul-de-sacs; the memory of what he could achieve torments and frustrates him. "I remember back to St Andrews, on that last day, when I approached the first tee, and Ivan, the announcer, introduced me as 'Michael Campbell, leading the Open'. It really hit me then, and was a bit flabbergasting for someone who had never been in that position before," he says.

It wasn't to be that day, as an early three-putt - at the fifth - and another bogey at the eighth put him behind John Daly and Costantino Rocca. He was still chasing at the finish, eventually finishing in a tie for third. However, the initial disappointment disappeared and Campbell left the home of golf "elated because I had a chance to win the British Open."

The world, he felt, was his oyster; a major win, he reckoned, was no more than a couple of years away, at most

"I remember thinking this game is pretty easy. However, after my tendonitis injury, it was )like learning to ride a bike again. I had undertaken some swing adjustments to compensate for my injury, but I discovered a different type of pressure once I started to play in a tournament. Anybody can stay on the practice fairway and hit ball after ball after ball - but, when it comes to it, it's only in tournament play that your true talent comes out," he said.

For a man who knocked on the door in a major, someone, who had turned down opportunities to play on the US Tour - prior to injury - in order to stick with the European circuit, living the life of a journeyman reliant on sponsors invitations hurts, and the frustration eats away at him.

"I signed a three-year Nike contract at the end of 1995, so, yes, I'm comfortable. But being financially comfortable isn't good enough for me," insists Campbell. "I want to go out to win tournaments. I want go out to play against the best players in the world and to start beating them again. It is frustrating, because I know I'm very close to being back to where I was two years ago."

Certainly, to see Campbell swinging is like poetry in motion - and he was three under par after 12 holes and hinting that the touch had been regained in yesterday's pro-am. But a double-bogey seven at the 13th invoked a swing in fortunes and he dropped five shots on the last six holes. The crisis of confidence persists.

"There were certain stages last year when I was looking for something that wasn't really there. I was searching for a solution to my problems, but the biggest problem was myself, mentally. Physically, my swing thoughts were great, but mentally I was feeling a little bit squashed and frustrated," he admits.

Campbell can be a contender again, if he can regain his confidence. He believes he is finally getting close. A couple of years ago, he set out in the Irish Open convinced he could win. This week, a top 20 finish is about the height of his ambitions. But he won't let the poor form of the last 18 months get to him. "I simply lost the urge to have fun. Now I want to go out and enjoy my game, enjoy golf.