The 2009 European Tour has lost the Russian Open, which has been cancelled after organisers failed to raise the funds needed to stage the event. The event was scheduled for August 6 to 9.
Reuters resports that the event’s main sponsor, Russian property firm Inteco, pulled out due to the economic climate.
“Unfortunately, we had to cancel the tournament this year because our main sponsor has backed out,” said tournament director Hans Koeleman, speaking to Reuters.
“We have raised about €1.3 million but were still some €700,000 short,” he said.
“Last year total prize money was $2 million and this year we wanted to offer a smaller prize money, like €1 million , but still couldn't find the funds to run a successful tournament.”
Koeleman said he hoped to have the tournament back on the European Tour calendar next year, and that the Tour was now asking for financial guarantees to be put in place before July 1.
“I'm optimistic that we can still find a solution,” he said.
