After previously serving four years in jail for fraud in the wake of the first Fyre Festival, and a recent postponement announcement for the second, Billy McFarland has put the Fyre Festival brand up for sale.
The postponement of Fyre Festival 2 was announced on April 16th, shortly after McFarland publicly cemented his commitment to make it a success: “This has to work.” Among other issues, a dispute with Mexican officials about the event’s location led to an indefinite postponement.
In a new statement on the festival’s official website, McFarland announced that he is willing and prepared to sell the rights to the Fyre Festival name. “When my team and I launched Fyre Festival 2, it was about two things: finishing what I started and making things right,” he wrote.
He continued: “Over the past two years, we’ve poured everything into bringing Fyre back with honesty, transparency, relentless effort, and creativity. We’ve taken the long road to rebuilding trust. We rebuilt momentum. And we proved one thing without a doubt: Fyre is one of the most powerful attention engines in the world.”
“Since 2017, Fyre has dominated headlines, documentaries, and conversations as one of the world’s most talked-about music festivals,” the statement reads. “We knew that Fyre was big, but we didn’t realize just how massive the wave would become. That wave has brought us here: to a point where we know it’s time to call for assistance.”
McFarland states that the brand his bigger than himself, adding, “This brand is bigger than any one person and bigger than what I’m able to lead on my own. It’s a movement. And it deserves a team with the scale, experience, and infrastructure to realize its potential.”
The statement then calls for help, continuing, “We have decided the best way to accomplish our goals is to sell the Fyre Festival brand, including its trademarks, IP, digital assets, media reach, and cultural capital – to an operator that can fully realize its vision.”
McFarland still owes $26 million in restitution after the original Fyre Festival failed and has called for other entrepreneurs to lend him a hand: “There is a clear path for operators and entrepreneurs with strong domain expertise to build Fyre into a global force in entertainment, media, fashion, CPG, and more.”
He concluded: “The next chapter of FYRE will be bigger, better, and built to last without me at the helm.”
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