The Madrid Open has 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 previously sponsored the tournament.

Acacia Lopez-Bachiller says "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."

Acacia Lopez-Bachiller adds "at the moment the Andalucia Masters is on." That European Tour event, with a prize fund of $3.7 million, is scheduled for Oct. 18-21 at a yet-to-be-determined location.

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