Next season's Irish Open may be on a sound financial basis following the announcement of a new title sponsor but the event is still seeking a new venue after Mount Juliet declined the opportunity to stage the tournament.

The Co Kilkenny resort, which previously played host to the tournament between 1993 and 1995, had been expected to resume its relationship with the national open.

However, a statement from Mount Juliet released today explained that they had not agreed to host the tournament.  And, having considered their options, a decision was taken to turn down the European Tour's offer as it would not be feasible to stage the event next May.

"Mount Juliet was initially approached by the PGA European Tour in mid-October to ascertain if it would consider hosting the Irish Open, scheduled to take place in May," the statement explained.  "It undertook to consider the request. Prior to the completion of Mount Juliet's assessment of the offer media reports indicated that it had agreed to host the tournament.

"Mount Juliet has just now completed a detailed assessment of the many complex factors involved in staging a major golf tournament and has, reluctantly, come to the decision that it is not feasible for it to host the tournament and thus, regrettably, is unable to accept the invitation from the European Tour on this occasion."

Quite where the tournament goes from here remains to be seen. The event - held at Adare Manor for the past two years, but released from a commitment to hold the event there next year - is pencilled in for May 14th-17th on the tour's 2009 calendar.

Luttrellstown Castle, owned by JP McManus, had previously been suggested as a possible venue while Ballyliffin in Co Donegal indicated their willingness to bring the event to the north-west.