YSR Congress in severe financial crisis?

YSR Congress the other day had announced that it is withdrawing from contesting GHMC elections. The party President, Ponguleti Srinivasa Reddy indirectly hinted at funds crunch as the reason for the decision. Srinivas Reddy said TRS being in power in Telangana, TDP being in AP and BJP at center and Congress from neighbouring Karnataka managed funds for the contest.

[m9ad]

But he said YSR Congress could not manage such huge expense and so is left with no option but to back out. However it is interesting that Jagan being the richest man in both the Telugu states could not fund the election expenses of his own party.

Probably Jagan may have felt it is of no use to spend money on YSR Congress Telangana wing after the recent Warangal by-election result. If the party is really serious about grooming in Telangana, GHMC elections is the best bet due to the presence of huge settler population.