Lionsgate has sold back the film to production company Emmett/Furla/Oasis, which produced it along with Highland Film Group and Fiore Films, reported Entertainment Weekly.
The makers are hunting for a new distributor for the film and looking to release it next year.
Directed by Kevin Connolly, the film is about John Gotti, the head of the Gambino crime family who spent the last decade of his life in prison before dying of throat cancer in 2002.
Lem Dobbs and Leo Rossi penned the script for the film, which also features Travolta's wife Kelly Preston and daughter Ella Bleu Travolta, along with Stacy Keach, Chris Mulkey, Lydia Hull and Spencer Lofranco.
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