Cochin’s IPL-Team dream is just not ready to die. Thanks to the stiff qualification criteria,Mohanlal-Priyadarshan and company who was set to bid for Kochi dropped out of the race. But Lalit Modi’s efforts to sell the 2 teams went belly up thanks to very strict qualifiers.

The decision was made only after 3 companies submitted bids while 10 companies bought tender documents. These unopened tenders were returned to the bidders. The revised Invitation To Tender (IIT) will be made available on March 9th and the bids will be open on March 21 in Chennai. The 2 qualifiers that companies had a problem with was

• The company should demonstrate a net worth of nearly Rs. 5000 crores.
• The company that wins the auction needs to pay $100 million as advance guarantee.

According to the revised rules the Rs. 5000 crores net worth clause has been removed and winners need to pay only $10 million as advance guarantee.

The Muthoot Papachan group (who was reportedly backing Mohanlal and Priyadarshan) initially had backed out from the race and now will be studying the new terms and will let the board decide if they will take part in the auction. So Kochi’s IPL dream is not over and there is hope.

(Wonder what made Lalit change his mind.. )