Playgirl magazine will be sold to 11 investors.

The 14-year-old Santa Monica magazine reportedly will be sold to a group of investors amid a court battle between two men who had been its co-owners. Playgirl Editor Tommi Lewis confirmed that company attorney Richard St. Johns had told some staff members that an agreement had been reached for a group of 11 investors identified only as RGC Acquisitions to buy the magazine. The sale apparently was forced when magazine co-owner Stephen Geller sued Ira Ritter and Ritter’s wife, charging them with mishandling company funds.