On Friday, November 16, WWL-TV’s David Hammer broke the news that Tipitina’s, the cherished live-music venue currently in the throes of an ongoing fraud investigation, could  be on the market.

As previously reported by OffBeat.com, Tip’s owner of 22 years, Roland Von Kurnatowski, is accused of defrauding investors out of hundreds of thousands of dollars. In the November 16 report from WWL-TV, Von Kurnatowski told the station ” “My overall financial picture is good. Whether it’s time to sell Tipitina’s at this time is an open question.” At the time, reports didn’t name any potential buyers but now it appears a notable group of musicians has reportedly stepped forth to purchase the venue: Galactic.

WWL-TV investigative reporter David Hammer reported as much on November 17, writing “New Orleans funk band Galactic has been working on a deal to purchase the fabled Tipitina’s music club from its embattled owner, according to several sources close to the negotiations.” Fans of New Orleans music are well aware of the band’s long history with Tipitina’s, which dates back three decades. However, it appears the band itself has yet to make a formal statement about the report.

“Members of the band declined to confirm that the deal was in the works, but people with direct knowledge of the negotiations said it has been for some time and could be finalized soon,” writes Hammer.

On February 8, Galactic will release a new album, Already Ready Already.