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Marquee event cut from Australian calendar (Reuters)

MELBOURNE (Reuters) - Australian golf celebrated Jason Day's return to the top of the world rankings this week but domestically the sport struggles to hit the same heights with a marquee event in Melbourne ditched on Wednesday.

The Australian Masters was first held in 1979 and has been won in the past by major champions Tiger Woods, Bernhard Langer, Greg Norman, Adam Scott and Justin Rose but organizers IMG said the event needed an overhaul and would not be staged this year.

"As part of IMG's ongoing evolution of its golf events business, the company is in the process of re-imagining its Australian Masters event to ensure the delivery of a world-class experience," David Rollo, vice president and director of golf for IMG Australia and New Zealand said in a statement carried widely in Australian media.