By Erik Gudris

(January 4, 2013) -- Despite having native son Novak Djokovic as one of its early backers and winners of the event, the Serbia Open will no longer be held.

Tournament organizers announced today in Belgrade that the event will no longer exist due to a combination of poor attendance and lack of sponsors.

"We have made the most rational decision considering the circumstances. We are grateful for everyone's contribution and help in running this event that brought a lot of international stars and attention to Serbia," said Family Sport, the group that organized the event. "Unfortunately, we will not be able to run the Belgrade tournament and we have decided to cease the tournament's operations from 2013."

The ATP will buy back the rights to the event and at this time have not planned to replace it on the tour's schedule.The ATP released the news on its website but did not provide further comment.

Djokovic won the event in 2009 and 2011. Andreas Seppi defeated Benoit Paire last year to win the title in its final year.

(Photo Credit: Serbia Open)