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This is bizarre...

Sony suddenly stops funding an exclusive IP at least a year into production?

This just doesn't ring true. What would be the point? Both Sony and Rockstar would have signed contracts before development started. So why would Sony suddenly break these contracts and pull out? They've probably already invested quite a large amount of money in the project.

Either Sony see the title as a pointless money drain, or this is, indeed, just a wild rumour.

Brendan Macnamara (Team Bondi's president): "The project is wholly funded by Sony Computer Entertainment America. We have a long-term exclusive arrangement with SCEA."