European Tour: Madrid Open cancelled
The Madrid Open 2012 was supposed to take place from the 20th of September to the 23rd of September. However, for this year, the Open has been cancelled.
There has been some financial crisis for the organisers. Due to these crises, the event had to be cancelled. The main reason for the Open being cancelled is that the main sponsors of the event pulled out of it.
This year the desperate condition of the Spaniard organisers made them beg for European aid.
The sponsors for the event were Bankia. This year they refused to sponsor the event and created a huge problem for the Open. This broke the heart of many fans, who were looking forward to the event.
This year the main sponsor, the Bankia had issues of their own. They themselves were facing a financial crisis and were in a debt of 23.5 billion Euros. This happened in May and they somehow tackled with it.
Bankia were just out of this problem and into another one. A Spanish court has opened a case of fraud against the Executives of the company.
Last year, this event was one of the most successful events on the European Tour. The Open was won by the English professional golfer Lee Slattery. Even in this year, it was sponsored by Bankia and the winner of the event received a cash prize of 989,970
Euros.
The Spanish golf federation (RFEG) released this statement after the event was announced cancelled, "The Madrid Masters will be postponed until 2013 because of the difficult economic situation".
Tournament’s spokeswoman, Acacia Lopez Bachiller had to say this with great regret that, "organizers are hoping to find new sponsorship to bring the tournament back next year. It's a shame, but the situation in Spain has left it this way".
Till now there is no surety about whether the Spanish Open is going to take place next year or not.
Acacia Lopez-Bachiller added, "at the moment the Andalucia Masters is on". This is a European Tour event that has a prize fund of $3.7 million.
Due to the present financial crisis in Spain, another golfing event had to be cancelled. The event is the Castellon Masters, which was scheduled for this year.
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