By Baiju NT [ March 07, 2010 ]
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Priyadarshan-Mohanlal drop IPL plans

Putting a full stop to the dreams of IPL fans in Kerala, the Priyadarshan-Mohanlal duo decided not to participate in the auction for new teams. The decision was taken on Thursday, the last day for submitting bids, after the rules were changed at short notice, and stipulated Rs. 5000 crores as bank guarantee for bidding for a team. This sudden change came as a great jolt.

Confirming the decision, Suresh Krishna, assistant director to Priyadarshan, said that the attempt to own an IPL team had been aborted. Mohanlal and Priyadarshan had managed to find partners and raised Rs. 300 crores for participation, but opted out of the race after their discussions with other partners at Mumbai.

"The information regarding the change in rules was given at a short notice and it was extremely difficult to source funds for the same. We do not know whether any kind of vested interest is behind it. Anyway, it was quite unfortunate," Priyadarshan said.