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Financial problems cancel Madrid Masters
July 11, 2012

The 2012 edition of the Madrid Masters golf tournament has been canceled due to the financial crisis and the woes of the Spanish lender that is its main sponsor.

"The Madrid Masters will be postponed until 2013 because of the difficult economic situation," the Spanish golf federation (RFEG) said on their official Twitter feed.

The 989,970-euro ($1.22-million) European Tour event, won last year by England's Lee Slattery, is sponsored by Bankia, which required a state rescue worth 23.5 billion euros in May.

The rescue prompted Spain to request European aid for its banks and a Spanish court this week opened a fraud case against former Bankia executives.

The tournament had been due to take place from September 20-23.




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