Madrid Masters cancelled
Spanish event lost from the European Tour schedule
Last Updated: July 11, 2012 7:42am
Lee Slattery: 2011 winner
The 2012 Madrid Masters has been cancelled after the financial woes of its main sponsor - Spanish lender Bankia - were revealed.
The European Tour event with a 989,970 euro first prize was won by England's Lee Slattery in 2011.
"The Madrid Masters will be postponed until 2013 because of the difficult economic situation," the Spanish golf federation (RFEG) announced on its Twitter feed.
Bankia required a 23.5 billion euro bail-out in May this year, but a Spanish court has opened a fraud case against several former Bankia executives, leaving the lender in further strife.
The Madrid Masters was supposed to take place from September 20-23.