Irv Gotti, the Murder Inc. hip hop executive who was cleared of money laundering charges in December, is planning a comeback. The NY Times' Jeff Leeds reveals that Gotti has lined up private financing and will enter into a partnership with Universal Music Group.

"After months of searching for an avenue back into the music business, Mr. Lorenzo is finalizing a deal to secure financing from Larry Goldfarb, the managing partner of the San Francisco-based hedge fund BayStar Capital, said these executives, who declined to be identified because the deals are still being negotiated. As part of the arrangement, which may be completed in the next two weeks, Mr. Goldfarb's newly formed LRG Records is expected to commit up to $30 million to operate the label in its first three to five years, these executives said."

Last year Goldfarb and Quincy Jones attempted to buy Vibe Magazine for $100 million. Goldfarb reportedly disappeared before starting negotiations and the deal fell through.