(CNN) -- World No.1 Novak Djokovic ended up on the losing side in the Hopman Cup final Saturday just 24 hours after it was announced that the ATP 250 tournament he owned back in his native Serbia had folded. Djokovic and former World No.1 Ana Ivanovic were beaten in the deciding mixed doubles 6-4 7-5 by Fernando Verdasco and Anna Medina Garrigues as Spain won the final 2-1 to claim the trophy at the mixed team event in Perth. Djokovic beat Verdasco in the opening rubber 6-3 7-5 but Ivanovic suffered a surprise 6-4 6-7 6-2 defeat to veteran baseliner Garrigues in their singles tussle as Spain drew level.
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Novak Djokovic's Serbia beaten by Spain in Hopman Cup final
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Djokovic and Ana Ivanovic beaten in deciding mixed doubles in Perth
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World No.1 won his singles match against Fernando Verdasco
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Tournament Djokovic owns in Serbia has been axed from 2013 ATP schedule
Last year, the @placeholder duo reached the final, but an abdominal injury to Ivanovic ended their chances.