According to a source talking to Develop , Team Bondi has sold off its assets and game IP, as the Sydney-based developer supposedly faces bankruptcy, with the goods allegedly being transferred to Kennedy Miller Mitchell (KMM), who it's rumoured Team Bondi had apparently approached for merger negotiations.

An industry insider has claimed that Team Bondi staff are being offered a choice of a job at KMM or a severance package, while rumours are rife that the studio has entered administration and has "gone bankrupt" despite the success of LA Noire, which has shifted 4 million units since its release in May.

Team Bondi boss Brendan McNamara could also be joining KMM, while publisher Rockstar Games and animation company Depth Analysis who worked on LA Noire, remain unaffected by the ongoing issues that face Team Bondi at this time.

[x360a]