Madrid: European Tour loses Madrid Masters from the calendar due to financial crisis and woes of sponsor Bankia
This year’s Madrid Masters has been cancelled because of the financial crisis and the woes of Bankia, the Spanish lender that is its main sponsor.
“The Madrid Masters will be postponed until 2013 because of the difficult economic situation,” the Spanish golf federation (RFEG) said on Tuesday.
Bankia, which sponsors the European Tour event, won last year by England’s Lee Slattery, required a state rescue worth 23.5 billion pounds in May. The rescue prompted Spain to request European aid for its banks and a Spanish court this week opened a fraud case against former Bankia executives. The tournament had been due to take place from September 20-23.
Meanwhile Paul Casey on Tuesday vowed to go on fighting after one of the worst experiences of his golfing life last week.
The former world No 3, sslumped to back-to-back rounds of 80 for the first time in his career at the French Open and finished joint last.