The Australian Masters will not be held this year, tournament organisers IMG said Wednesday, adding that it was reassessing the event as it revamps its golf business.

"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," IMG said in a statement.

"To best execute a change of this scale, IMG today announced that the Australian Masters will not be played in 2016. IMG will unveil its new plans for the event in the coming months."

First held in 1979, Greg Norman became synonymous with the tournament in its earlier years, amassing six gold jackets in an astonishing stretch from 1981 to 1990.

It was won by Tiger Woods in 2009 with Australian Peter Senior claiming the title at Huntingdale Golf Club in Melbourne last year.
Source: AFP