Snooker is about to shed its traditional waistcoat culture in an effort to steer itself back on course and stop the huge financial losses at the top of the game.

World Professional Billiards and Snooker Association chief executive Peter Middleton this week revealed his survival plan, and one of his commitments includes a pledge to update what he terms the "waistcoat culture". But the relaxation of formal dress at some tournaments is just one of the measures suggested by Middleton, whose blueprint for the future comes against a background of mounting losses, internal investigations, and no confirmation of a new sponsorship deal.

The WPBSA lost £536,225 in the last financial year, and losses for the next 12 months could be as high as £900,000. The new blueprint outlined several initiatives planned for the coming months including schools of excellence to be launched at the World Championship in April. And from next season only 48 players will compete at the main venues, with the exception of the World Championship. At present 128 professionals compete at the main venues.