Financial crisis ends Madrid Masters

European Tour

The 2012 Madrid Masters has been cancelled after the financial woes of sponsor Bankia was revealed.

The 2012 Madrid Masters has been cancelled after the financial woes of its main sponsor – Spanish lender Bankia – was revealed.

The EPGA event with a 989,970-euro first prize was won by England’s Lee Slattery in 2011.

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

Bankia required a 23.5 billion euro bail-out in May this year, but a Spanish court has opened a fraud case against several former Bankia executives, leaving the lender in further strife.

The Madrid Masters was supposed to take place from September 20-23.

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