Rupee slump costs India it's biggest golf tournament

Indian golf has turned out to be another victim of the falling rupee. The Avantha Masters, a European Tour event with the richest purse in India, and the Gujarat Kensville Challenge, will not be held in 2014, because the respective sponsors, the Avantha Group and the Savvy Group, have declined to renew their contracts. “In order to attract top talent, both the timing of the event in the golf calendar along with a substantial prize money increase will be required. Given the current economic condition, this is not the appropriate moment to do so,” the Avantha group said in a statement, according to the Hindustan Times . [caption id=“attachment_1087249” align=“alignleft” width=“380”] Shiv Kapur won the Gujarat Kensville Challenge to kick off his season. Reuters[/caption] The tournament offered a total prize money $2.3-million and was won by Thomas Aiken earlier this year, with India’s Gaganjeet Bhullar finishing second. Joining the Avantha Masters on the sidelines is the Gujarat Kensville Challenge, whose sponsors, the Savvy Group, have also declined to continue. Won by Shiv Kapur, the Kensville Challenge was the season opener for the PGTI tour for the last three years. It was part of the EPGA’s Challenge tour, which is one step below the main tour. The door has not closed completely, however, If a replacement sponsor can be found, the tournament could still be revived, according to a tour official. “In the current scenario, it’s a great challenge to support an event of this nature in India, especially when a sponsor is not sure how much revenue it would generate or get in terms of publicity with a minuscule target audience and following,” Keith Waters, the European Tour’s chief operating officer, told the Times of India . “We haven’t awarded the slot reserved for Masters (March 20-23) to anyone. If a corporate approaches us in time, it’s still possible,” he said.