Two bidders are already out of the fray.
The MCC has officially retracted its decision to enter the bidding for a new team for IPL 4, "MCC has confirmed that it was not part of the bids that were lodged in Mumbai for the two new Indian Premier League franchises. The MCC committee had met earlier this week at Lord's to discuss its potential involvement with an IPL franchise. The MCC committee has further decided that its best position lies in a broader relationship with the IPL as a whole."

Meanwhile there was expected to be a strong bid for the Kerala team with film maker Priyadarshan to join forces with Mohanlal. But apparently some of the financial related rules for the bidding war were considered not feasible.
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Lalit Modi's Global Plans for IPL Include Matches in USA and Abroad
Twenty20 Founder: "Let Twenty20 be a Curtain Raiser; Don't Overdo It"
Want an IPL Team in 2011 IPL 4 Season? Cough Up $225 and Then Some!