SINGAPORE, May 29, 2012 (AFP) - Officials said this November's US$6 million tournament, which is one of the region's richest golf events, was not in doubt after the British bank decided not to extend its current contract.
"The Barclays Singapore Open will go ahead this year as scheduled," said a spokesman for the Asian Tour, which co-sanctions the Singapore Open along with the European Tour.
But with no sponsor lined up for next year, golf fans will be mindful of 2002, 2003 and 2004 when the Singapore Open, which dates back to 1961, fell off the calendar due to a lack of corporate backing.
No reason was given for Barclays' decision to end its seven-year association with the Singapore tournament, which made it Asia's most lucrative national open and the region's fourth-richest event this year.
Media and analysts speculated the move was linked to a renewed problems among European economies and fears the banking system could again come under severe pressure.
"We are not impervious to global events and there are already signs of a slowdown in the shipping sector," said Mizuho Bank economist Vishnu Varathan told Singapore's Today newspaper.
"Companies are generally going to be more prudent with their money and will be more selective and a lot less lavish in their spending."
But the Singapore Open has also been hit by falling attendances, not helped by its notorious rain delays and the move to split the large, 200-player field between two courses at Sentosa Golf Club.
It has also struggled to attract superstar players in Asia's increasingly crowded golf calendar, which this year includes four events worth $6 million or more, including the Singapore Open, in the space of just three weeks.
Last year, major-winners Phil Mickelson, Graeme McDowell, Y.E. Yang and Padraig Harrington all made the trip to Singapore, but there were no top-10 players in the field.
Promoter World Sport Group said no new sponsor would be announced until after the November 8-11 tournament, to avoid an "unfair distraction to the sponsors and partners of the 2012 event".