"Looking to protect what he believes is a worthy theatrical film, and his own performance, Travolta sought out a financier to change that fate".
A rep for Travolta confirmed the Deadline report to the Daily News and stated that they are closing in on a deal witha distributor, but couldn't reveal details at this time.
It also features Travolta's wife Kelly Preston as the crime lord's spouse Victoria Gotti, and their daughter Ella Bleu Travolta as Angel Gotti, as well as Pruitt Taylor Vince, Stacy Keach, Chris Mulkey and Lydia Hull.
John Travolta's Gotti biopic, which was filmed all around Greater Cincinnati this summer, has been sold back to its production company just 10 days before its scheduled December 15 release.
Lionsgate Premiere had been set to release the gangster film Gotti on December 15th, but news emerged on Tuesday (December 5th) via industry-monitoring website Tracking Board that the film would no longer be released and that the rights had reverted back to the movie's producers. "This is a big movie-star film, with a multi-dimensional, iconic character portrayed by one of the great multi-talented actors", Walson said.
Industry experts say these types of situations don't happen very often.
The star found new financial backing for the movie to enable a wide release.
"I've been struggling for the past few weeks with John, and Phil Glasser, to put this deal together with Lionsgate, which wasn't initially ready to give it up", Walson said.
"It's a bold move", she continued. "I've seen the frustration that sometimes happens when distributors don't think of out-of-the-box ways to promote a movie, let alone spend any P&A money", he told Deadline.
Representatives for Travolta and Connolly did not return EW's request for comment.