The Australian Masters, a tournament previously won by the likes of Tiger Woods and Adam Scott, will not be held in 2016.
The owner and promoter of the Australian Masters has confirmed the tournament will not take place in 2016.
Six-time champion Greg Norman, Colin Montgomerie, Tiger Woods and Adam Scott are among the previous winners of the iconic event in Australia, which has run every year since 1979.
However, in announcing plans to revamp the tournament, IMG revealed the cancellation of this year's competition.
"As part of IMG's ongoing evolution of its golf events business, the company is in the process of reimagining its Australian Masters event to ensure the delivery of a world-class experience," said David Rollo, the vice president-director of golf for IMG Australia and New Zealand.
"To best execute a change of this scale, IMG announced that the Australian Masters will not be played in 2016.
"IMG will unveil its new plans for the event in the coming months."
Veteran Peter Senior won the 2015 Australian Masters, 20 years on from claiming his second gold jacket at the event.