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The Asian Tour has lost its flagship Masters of Asia event after sponsor Volvo pulled out, blaming the confusion surrounding golf in the region and political unrest in host country Thailand.

The season-ending tournament, first played in 2002, was the Asian Tour's premier event for official world ranking points.

Its demise is another blow to a Tour battling not just the global economic crisis but the emergence of the rival OneAsia Tour, which has taken over four events it used to run.

These include the China Open, an event sponsored by Volvo.

Per Ericsson, president of Volvo Event Management, said the company had decided not to take up its contractual option to extend its Masters of Asia sponsorship for another year.
"There is no single issue that has led us to take this decision - more so a combination of factors," he said.
"The current economic climate, the unstable situation surrounding Asian golf at present and recent unrest in Thailand all played a part."

The tournament, Asia's equivalent of the Volvo Masters at Valderrama, has been played at the Thai Country Club in Bangkok since 2005.

It traditionally wrapped up the season, with a gala dinner held afterwards to recognise the Asian Tour's player of the year and rookie of the year.

In addition to the four events OneAsia has taken over, the Asian Tour have also lost the Jaidee Invitational, another Thailand-based tournament played at Siam Country Club, Pattaya, this year after their sponsor Raimon Land pulled out.

OneAsia, formed by the China Golf Association, Korea Professional Golf Tour, Korea Golf Association and the PGA Tour of Australia, aims to create a new force in world golf.