The six-time major winner reportedly lost about 40million US dollars (£32m) between 2010 and 2014.
It effectively rules him out of competing in the Ryder Cup.
The opening tournament gets under way at Centurion Club in Hertfordshire on Thursday.
Dustin Johnson will headline the new competition’s inaugural event at the Centurion Club from June 9-11.
McIlroy is in action in Ohio this weekend.
The former world number one will headline the new competition’s inaugural event at the Centurion Club from June 9-11.
New Zealander Fox had looked set to win in regulation after establishing a three-shot lead through 14 holes.
A second round of 67 at Bernardus Golf gave Wallace a halfway total of eight under par and left him two shots behind Portugal’s Ricardo...
He held a one-shot lead after an opening five-under-par 65 at Southern Hills.
The former world number one won the championship for a second time on Sunday.