KOCHI: Kochi will not figure in next year's Indian Premier League (IPL). The City, which had film director Priyadarshan and actor Mohanlal as the lead players in its bid for one of the IPL's two new berths, has withdrawn from the bidding process.

“Kochi has backed out. The IPL has put up some new clauses like the net worth of the bidder should be $1 billion… that's some Rs. 4,500 crores, which they found too big,” said T.C. Mathew, the Kerala Cricket Association Secretary, on Friday.

“Even the back guarantee which they had asked for was too big, higher than the earlier amount. We are all very sad,” said Mr Mathew.

Kerala's financial giant, the Muthoot Pappachan Group, which was also linked to the Kochi bid, confirmed that it did not apply for the bid document.

“We were in discussions with a few parties for Kochi or Ahmedabad but we found the business model unconvincing,” said its Director George Muthoot. “The net worth clause was not a problem but the business model was.” — Principal Correspondent

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