HONOLULU (AP) -- Organizers of the Kapalua LPGA Classic in Hawaii have pulled out of their contract to host the annual LPGA event through 2012.
LPGA deputy commissioner Libba Galloway said Tuesday in a news release that the association is "extremely disappointed" with the decision not to conduct the event in October. She says the LPGA will vigorously enforce its legal rights under the contract.
Kapalua Land Co., the contract holder, said it's unable to present the tournament without a title sponsor.
"It's disappointing but a reality in today's current economic climate that title sponsorships are difficult to secure," Gary Planos, senior vice president of Resort Operations, said in a statement.
Planos said Kapalua had hoped to get a deferment for this year's tournament, but then hold the event in future years once it's able to get a title sponsor. But Planos said he's not sure this would be possible given the LPGA's position.
Kapalua itself was the title sponsor for the event's first year in 2008.
The company is a subsidiary of Maui Land & Pineapple Inc. It lost $70.6 million in the quarter that ended Dec. 31, compared with a $4 million loss in the prior year's same quarter.
Morgan Pressel won the inaugural Kapalua LPGA Classic in October.