Andalucia Masters canceled due to financial crisis

Sergio Garcia of Spain celebrates securing victory during the final round of the Andalucia Masters at Valderrama.

MADRID, Spain – The European Tour has announced the cancellation of next month's Andalucia Masters, with local officials citing a lack of funding related to Spain's financial crisis.

Three other tournaments scheduled for Spain this year already were canceled for similar reasons: the Madrid Open, the Castellon Masters and the Iberdrola Open.

The Andalucia event was slated for the Valderrama club in Sotogrande on Oct. 18-21. Home favorite Sergio Garcia won last year.

"This is extremely disappointing news to receive, especially at such a late date," said European Tour boss George O'Grady, adding that many northern Europeans schedule vacations around the event.

Andalucia officials say government austerity measures led to their budget being slashed, meaning they can't come up with the €3 million ($3.84 million) needed in prize money.