"Gotti" started production and filmed at various places in Hamilton and Butler counties in 2016 after several delays and false starts.
"Our mistake was we should have said something right then, and discussed our plan for the film", Travolta said.
"Unfortunately, the reports were speculation bordering on fake news", the actor told Deadline.
EW previously confirmed that the film, directed by Entourage star Kevin Connolly, had been sold back to production company Emmett/Furla/Oasis, which was said to be seeking a new distributor for a 2018 release, as opposed to the originally planned December 15 theatrical bow. And he strenuously denied that Lionsgate had made a decision to back out of releasing the film out of concern for Travolta's long-standing ties to the Church of Scientology or recently unearthed accusations of sexual misconduct.
John said Ed is a fan of Travolta and the Gotti story and wanted to see the movie succeed, so Ed bought the rights to the biopic.
John Travolta headlines the film, which also stars Kelly Preston, Pruitt Taylor Vince and Stacy Keach.
Just 10 days before the John Gotti biopic, Gotti, was set to be released, Lionsgate Premiere reportedly sold the movie back to its production company, Emmett/Furla/Oasis. It's all pure speculation though as there has been no official news on anything related to the matter, though if there is, we will likely hear so soon. "This is a big movie-star film, with a multi-dimensional, iconic character portrayed by one of the great multi-talented actors", Walson said.
John Gotti rises to the top of the NY underworld to become the boss of the Gambino crime family.
The star found new financial backing for the movie to enable a wide release. Attorney Gerald Schargel follows Gotti and his brother Peter Gotti, at left. Lionsgate said, 'We want this movie.
"It's a bold move", she continued.
Lionsgate did not immediately respond to a Daily News request for comment.