The Madrid Masters has been officially canceled and removed from the European Tour schedule, the Tour announced Monday.
Lee Slattery won the event last October by a shot over Lorenzo Gagli at 16 under par at El Encin Golf Hotel. Luke Donald won in the third year for the event in 2011, when the event was moved to May.
The European Tour will have an open, unfilled date on the schedule for the week of Sep. 17-23.
This is the second Spanish event on the European Tour to be canceled this season for lack of sponsorship. The Iberdrola Open was canceled in March. Javier Ballesteros, son of the late Seve Ballesteros, was set to make his European Tour debut in the event.