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The Bermuda Open Tennis Championship today became the first sporting victim of the economic crisis with organisers announcing the tournament had been cancelled following XL's decision to pull its $300,000 sponsorship.

The troubled insurance giant announced in September that it was ending its 15-year association with the ATP Challenger tournament, which has featured rising stars like Andy Roddick, James Blake and Donald Young in the past.

In a press statement XL attributed the decision to 'global economic conditions'. Coupled with Bermuda Tourism's decision to drop its $50,000 worth of support for the event, the move left a gaping hole in tournament funds.

Organisers have been searching for an alternative title sponsor ever since.

But yesterday they were forced to accept defeat.

Tournament Director Alec Anderson said uncertainty over the redevelopment of host venue the Coral Beach club had contributed to the decision.

"With less than six months between now and the original Tournament date (April 2009), and with redevelopment plans in the works at Coral Beach, we decided to postpone the event until after the construction at Coal Beach has been substantially completed.

"We very much hope that it will be possible to stage future ATP Tennis events at that time," Mr Anderson said in a press statement yesterday.

He added that he was proud of the entertainment the tournament had been able to provide over the years.

"We have attracted the best player field for an ATP Challenger event anywhere in the world every year. We have focused on bringing in the next rising star as well as hosting some of the well known players who have slipped out of the top 50 and who look to the Bermuda event for ATP Tour world ranking points."

He added that tennis enthusiasts had to travel no farther than Paget to see players including top ten world ranked David Nalbandian (7), Andy Roddick (8), Juan Martin Del Potro (9), Fernando Gonzalez (10) and James Blake (11). The event has also hosted former number one in the world Patrick Rafter as well as other greats including, Malivai Washington, Todd Martin, Michael Chang, Pat Cash, Mats Wilander and Patrick McEnroe.

In conclusion, the press release stated: "The Bermuda Tennis Foundation and the XL Bermuda Open would like to thank XL Insurance for 15 years of commitment to the event, all of the sponsors and the hundreds of volunteers who have helped make the Tournament possible each year."

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