Crisis scuppers Madrid Open

THE 2012 staging of the Madrid Masters tournament has been cancelled due to the European financial crisis and the woes of the Spanish bank that is the main sponsor of the event.

“The Madrid Masters will be postponed until 2013 because of the difficult economic situation,” the Spanish golf federation (RFEG) said on their official Twitter feed.

The e989,970 European Tour event, won last year by England’s Lee Slattery, is sponsored by Bankia, which needed a state rescue worth e23.5 billion in May.

The bailout 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 20-23 September.