Russian Open cancelled after sponsor pulls out

The worldwide Credit Crunch has claimed another golf tournament.
The Russian Open has been cancelled following the withdrawal of the event's main sponsor.
Tournament spokeswoman Leili Koeleman said the organisers were $992,000 short of their prize money target after Russian property giant Inteko said it could no longer afford to fund the August 6-9 event.
Koeleman said that Inteko’s decision to pull out came with little notice and there wasn’t enough time to find a replacement.
The organisers are confident that the Russian Open will be back in 2010.
The Russian Open, held in the past at Moscow’s Le Meridien Golf and Country Club, became a full-fledged European Tour event in 2006.