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.
  • 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.

Part of complete coverage on
December 18, 2014 -- Updated 1547 GMT (2347 HKT)
If golf has a reputation for being a bit stuffy, then the Bryan brothers and their trick shots are a much-needed blast of fresh air.
December 11, 2014 -- Updated 1318 GMT (2118 HKT)
Not many people make the leap from teenage market trader to golf pro and fashion entrepreneur, but that's just what Ian Poulter has done.
November 12, 2014 -- Updated 1129 GMT (1929 HKT)
"Sleep, as far as mental and physical recovery goes, has never been more important ..." says sport sleep coach Nick Littlehales.
November 4, 2014 -- Updated 1024 GMT (1824 HKT)
Joe Miller is devouring his second steak of the day and the clock has barely nudged 2pm. You need lots of fuel to smash a drive 474 yards.
October 13, 2014 -- Updated 1449 GMT (2249 HKT)
There have been many dark days for Oliver Wilson, but golf's unluckiest loser is finally riding an upward swing of his career roller coaster.
October 7, 2014 -- Updated 1648 GMT (0048 HKT)
They dress like it's the 1930s and they swing antique equipment that eschews cutting-edge technology -- this is hickory golf.
September 15, 2014 -- Updated 1609 GMT (0009 HKT)
CNN's Living Golf focuses on women's golf, charting the growth of the sport from royal pastime to multi-million dollar machine.
October 1, 2014 -- Updated 0846 GMT (1646 HKT)
"I don't know how to paint happy," says golf's poster girl Michelle Wie. "I think it releases a lot of the darker feelings in me."
September 29, 2014 -- Updated 1213 GMT (2013 HKT)
Phil Mickelson of the United States talks during a press conference after the United States were defeated by Europe after the Singles Matches of the 2014 Ryder Cup on the PGA Centenary course at the Gleneagles Hotel on September 28, 2014 in Auchterarder, Scotland.
If you're a U.S. golf fan, or Tom Watson, look away now.
September 25, 2014 -- Updated 2318 GMT (0718 HKT)
A ban on uploading social media pictures from the course at Gleneagles was dropped for the Ryder Cup.
September 24, 2014 -- Updated 1052 GMT (1852 HKT)
A spot of shopping, the odd spa day and some serious flag waving. Welcome to the life of a Ryder Cup WAG.
September 23, 2014 -- Updated 1301 GMT (2101 HKT)
Tom Watson has learned plenty in the 21 years since he was last U.S. Ryder Cup captain, but social media is proving to be problematic.
September 22, 2014 -- Updated 1243 GMT (2043 HKT)
Patriotism will reach fever pitch when the USA and Europe collide in golf's Ryder Cup ... and it looks like Rickie Fowler has let it go to his head.
September 22, 2014 -- Updated 1342 GMT (2142 HKT)
Pressure is inescapable in the cauldron of Ryder Cup competition -- pressure and ping pong.
September 23, 2014 -- Updated 1150 GMT (1950 HKT)
Millions of golf fans were watching on television with great anticipation. All Martin Kaymer could think about was getting his phone out.