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 from Oct. 18-21. Home favorite Sergio Garcia won last year.

European Tour boss George O'Grady says "this is extremely disappointing news to receive, especially at such a late date," 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.