The Charlotte, North Carolina-based event known for the last five years as the Home Depot Invitational, was slated to be played April 19-21. Arnold Palmer, the tournament host since 1980, designed the TPC at Piper Glen, the home of the event for the last 12 years.
It was the Senior Tour's second-longest continuously operating tournament.
The Gold Rush Classic, which was scheduled for September 27-29, enjoyed a 15-year run in Northern California. However, the event had been struggling since it lost its title sponsor, Raley's supermarket, in February 2000.
Raley's had sponsored the tournament since 1991.
Maloof Sports and Entertainment, which owns the Sacramento Kings, took over the Gold Rush Classic, but it lost more than $1 million the last two years.
The 50-and-over circuit, which kicked off its 23rd season Friday with the MasterCard Championship in Hawaii, will now feature 35 official money events in 2002.
'The Senior Tour's intent is to reduce its total number of events to encourage stronger player fields, which in turn will enhance the Senior Tour experience for fans and viewers,' tour officials said in a statement.
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