"I don't think anybody is ready to pay that kind of price," Modi said. "The reality is in front of him. He didn't want to be unsold in the auction and so decided to pull-out," an upset Modi told a leading TV news channel.

"We asked him to reduce price but he was unwilling," he added. Clarke had given a miss to the inaugural season of the IPL as well owing to a hectic international commitment.

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Modi, however, said the IPL had this year waived off penalty for last moment pull out. "Unfortunately, he pulled out earlier and there was penalty in the first year but this year we have waived off the penalty and I don't think we will be able to move forward like this. We will discuss the matter in our governing council and have the answer by this evening," he added.