Team Bondi has reportedly sold its game IP and assets to Kennedy Miller Mitchell, a multimedia production studio located in Sydney, Australia. This follows on the heels of rumors that Team Bondi has gone bankrupt, as speculation followed a meeting with KMM. The studio behind L.A. Noire hasn't commented publicly on the matter.

An unnamed source told Develop that on top of the IP sale, Team Bondi employees have been offered a choice of new jobs at KMM or severance pay.

Studio founder Brendan McNamara was recently reported to be in talks with KMM, after Rockstar was hesitant to publish the studio's (so far, unannounced) next game. Some members left Team Bondi for KMM on poor terms during the development of L.A. Noire, leading one source to call McNamara's visit "unsettling - to put it mildly."

Though Team Bondi is known for L.A. Noire, that IP is owned by Rockstar and therefore wouldn't become property of KMM. The facial animation technology that put the game on the map was built by Depth Analysis, and is also thought to be unaffected by this potential sale.

In accordance with Australian law, any official sale documents must be shown within 28 days, so it may take a month before we hear confirmation. We'll update as more information becomes available.