Rumors about the future of Team Bondi, the developer of LA Noire for Rockstar, have been circulating for some time. It has not been confirmed that the studio has entered insolvency administration as documents filed with the Australian Securities and Investments Commission indicate. The assets of the company have said to have been sold to Australian production company, Kennedy Miller Mitchell.

While LA Noire was a hit for Rockstar, the long development cycle for the title that took the better part of seven years apparently took its toll on the employees as well as the company. It isn’t clear yet all that went wrong and how it went wrong, but we do know that the sequel to LA Noire will not be developed by Team Bondi.

Since Rockstar does own the IP and the title shipped over 4 million copies, we have to think that Rockstar will continue the franchise at some point. It really is down to a question of when and what studio will be handling the development.