Skip to main content

European Tour loses Madrid Masters

July 11, 2012 -- Updated 1311 GMT (2111 HKT)
Lee Slattery will be unable to defend his 2011 Madrid Masters title following sponsor Bankia's withdrawal.
Lee Slattery will be unable to defend his 2011 Madrid Masters title following sponsor Bankia's withdrawal.
STORY HIGHLIGHTS
  • European Tour confirms that Madrid Masters has been canceled
  • Tournament's main sponsor Bankia was recently bailed out due to Eurozone crisis
  • Madrid Masters had been due to take place from September 20-23
  • Despite pan-European economic turmoil, all other tour dates to continue as planned

(CNN) -- The Madrid Masters will be missing from the European Tour for the foreseeable future due to the financial crisis in Spain.

Spain has been badly affected by the Eurozone crisis, and the golf tournament's main sponsor Spanish bank Bankia was recently bailed out to the tune of $23 billion in May.

Madrid was keen to host the event, which was scheduled to be held from September 20-23, but needs nearly $1 million of sponsorship to do so.

"We have known of the troubles facing the Spanish leg of the tour for some time now, but had held out hope of receiving funding," chief operating officer of the European Tour Keith Waters told CNN.

Spanish PM speaks on the economy

"It eventually just proved too challenging. The only people who face losing any money are the players -- there's one less prize for them to win now. All of the money invested in the tournament was yet to be paid."

Waters said was unlikely that the Madrid event would return to the European calendar next year.

"Planning for next season's tour is already at advanced stages, with the schedule to be announced in the coming weeks. You never know, a generous backer could emerge, but it is unlikely," he said.

Despite the pan-European economic turmoil, all other dates on the European Tour are currently set to go ahead as planned.

ADVERTISEMENT
Part of complete coverage on
July 9, 2014 -- Updated 1218 GMT (2018 HKT)
The next generation of golfers just keeps on getting younger. "They have the confidence to perform against their idols," says one ex-prodigy.
July 1, 2014 -- Updated 1159 GMT (1959 HKT)
He was Spain's ultimate matador and golf's greatest escape artist.
June 18, 2014 -- Updated 1536 GMT (2336 HKT)
Rory McIlroy has announced he wants to represent Ireland at the Rio Olympics in 2016.
Two-time major champion Rory McIlroy declares he'll represent Ireland at the Rio Olympics, not Great Britain.
April 29, 2014 -- Updated 0248 GMT (1048 HKT)
Already admired by Annika Sorenstam and with a bucketful of talent, New Zealand's Lydia Ko has the world of golf at her feet.
April 28, 2014 -- Updated 1130 GMT (1930 HKT)
Mike O'Connor, UK FootGolf
Like footie? Partial to a bit of golf? Then you'll love FootGolf. The sport's growing fan base includes a host of former English Premier League stars.
April 24, 2014 -- Updated 1343 GMT (2143 HKT)
Golfers at at Barkway Park don't seem to concerned and have been taking pictures and videos of the bird when it appears on the greens and fairways.
A runaway ostrich-like bird hiding near an English golf course has caused quite a stir. Some say it's dangerous, while others are cashing in.
April 22, 2014 -- Updated 1238 GMT (2038 HKT)
Eagles may be thin on the ground for most golfers at the Bear Trace course at Harrison Bay. But up in the treetops, it's a different matter.
April 18, 2014 -- Updated 1754 GMT (0154 HKT)
When someone tells you to go jump in a lake, sometimes it's best to take their advice. "I've never been so scared," says golfer Pablo Larrazabal.
Bubba Watson is the Masters king, but can he win a major away from Augusta? Living Golf's Shane O'Donoghue has the lowdown.
April 15, 2014 -- Updated 1412 GMT (2212 HKT)
Arnold Palmer
Arnold Palmer won his first major at Augusta, played there with the U.S. President and made a record 50 consecutive Masters appearances.
April 10, 2014 -- Updated 1202 GMT (2002 HKT)
He is remembered for designing one of the world's most famous golf courses, but the man behind Augusta died pleading to be paid.
April 10, 2014 -- Updated 1004 GMT (1804 HKT)
Take a trip around Augusta. From Eisenhower's toppled tree to the fiendishly-difficult Amen Corner, the Masters' home venue has it all.
ADVERTISEMENT