Modi's demonetisation hits IPTL: Federer, Serena to drop out of IPTL

Roger Federer was to be a part of the Indian Aces; Serena Williams was named in the Singapore Slammer's squad

Already struggling to get star power this year, IPTL has been hit further as neither Swiss icon Roger Federer nor American legend Serena Williams will be part of the popular league this season, due to prevailing "economic climate" in India.

Mahesh Bhupathi, founder and Managing Director of IPTL, said in a media release on Tuesday that the Narendra Modi government’s demonetisation scheme as the prime reason behind the players’ withdrawal.

While Federer was not named in any side, he was expected to be part of the Indian Aces while Serena was named in the Singapore Slammer's squad.

"We have had challenges this year and we are hoping to get past them. With current economic climate in India and uncertainty of spending money, I reached out to both Roger (Federer) and Serena (Williams) to explain the situation. They have been very supportive of the IPTL the first two seasons and we look forward to bring them in Futures," Bhupathi said in a statement.

After Japan, UAE Royals are sitting on top of the table, followed by Indian Aces.