Lack of sponsors has cost Madrid Open as they have been removed from the European Tour's calendar due to a lack of funding.

Tournament spokeswoman Maria Acacia Lopez-Bachiller tells The Associated Press that no sponsors for the Sept. 20-23 event were found to replace Bankia, the bailed-out Spanish bank that sponsored the tournament previously.

Acacia Lopez-Bachiller added: "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."

The Castellon Masters is another Spanish tournament that has been removed from this year's schedule.