EUROPEAN TOUR chief executive George O’Grady is confident the 3 Irish Open will break even this year.

Speaking at the Madrid Masters, O’Grady said he was “shocked” by headlines this week suggesting the tour was facing a potential €1 million loss even though the title sponsors and the Government are putting up the entire €3 million prize fund.

Insisting a seven-figure loss was not on the cards, O’Grady said: “We are just one small sponsor away from breaking even and I am confident that we will get one before the tournament.”

O’Grady believes a sizeable gate and the support of a series of secondary sponsors will cover staging costs estimated at €1.5 million.