'We needed between $1.5 million and $1.8 million to run the tournament, and we came up $1 million short,' said tournament director Steve Nieman.
The event, which was hosted by country singers Vince Gill and Amy Grant, had made Nashville its home since 1988. After the 2002 tournament, Electrolux stated that it would not renew its sponsorship.
'Nashville is losing a gem, but putting a Band-Aid on it for a year wasn't a good business decision,' said Nieman.
Nashville will still host the Champion Tour's Music City Championship at Gaylord Opryland at Springhouse Golf Club.