Officials say the Ladies Professional Golf Association’s (LPGA) Corning Classic will end after this year’s tournament in May. The 31-year-old event has been the longest-running tournament on the LPGA Tour with the same sponsor at the same venue.

Corning Inc.’s Executive Vice President, Kirk Gregg, made the announcement earlier this month at the Corning (N.Y.) Country Club. The tournament has lost $500,000 in sponsorships and has not been able to replace the lost revenue, Gregg said.

Because Corning has laid off 3,500 people from its global work force as part of recent restructurings, Gregg added, financing the tournament is no longer a viable expense for the producer of specialty glass and ceramics. Jack Benjamin, the tournament’s President, adds that attendance and interest has been down in recent years, with fewer volunteers are coming out to help.