Del, the biopic about Second City’s Del Close in which alum Mike Myers was to set star, is on hold due to financing for the film falling apart. Myers has exited the pic, and producers now will regroup and recast the lead as they figure out their next moves. But the film will not go forward this year.

It is known that John Malkovich had shown interest in playing Close, the feared taskmaster of Chicago’s Second City comedy troupe whose alumni also include Betty Thomas (who is set to direct), Bill Murray, Bonnie Hunt, Chris Farley, Phil Hartman, Tina Fey, Dan Aykroyd, John Belushi, Richard Kind, Dan Castellanella and many others.

The film follows an aspiring comedian who is taken under the wing of Close, a legendary teacher notorious for pushing his students to their limit. What begins as a disastrous relationship ultimately transforms each of them.

Covert Media was fully financing the film and producing alongside the Second City, State Street Pictures and Thruline Entertainment. Del is written by Nick Torokvei and is being produced by Diane Alexander, Robert Teitel, Thomas and Ron West.