Billy McFarland put the Fyre Festival brand up for sale on April 23 after canceling the second attempt at the infamous event in Mexico and issuing refunds to ticket holders.

The embattled founder, who served prison time for fraud tied to the original 2017 disaster in the Bahamas, said he’s stepping away from the brand entirely.

“This brand is bigger than any one person and bigger than what I’m able to lead on my own,” McFarland said in a statement on the festival’s website. “It’s a movement. And it deserves a team with the scale, experience, and infrastructure to realize its potential.”

The sale includes all Fyre Festival trademarks, intellectual property, digital assets, media reach and what McFarland called its “cultural capital.”

The announcement comes just one week after Fyre Festival 2, which had been scheduled for Mexico, was officially scrapped.

McFarland confirmed that refunds were issued to those who had purchased tickets.

“When my team and I launched FYRE Festival 2, it was about two things: finishing what I started and making things right,” McFarland said. “Over the past two years, we’ve poured everything into bringing FYRE back with honesty, transparency, relentless effort and creativity.

McFarland argued that Fyre still holds commercial weight despite the brand’s disastrous beginnings.

“FYRE is one of the most powerful attention engines in the world,” he said. “Since 2017, FYRE has dominated headlines, documentaries, and conversations as one of the world’s most talked-about music festivals.”

McFarland said the decision to sell was driven by the need for more capable leadership.

“We have decided the best way to accomplish our goals is to sell the FYRE Festival brand,” he said, citing a vision for the brand to expand into “entertainment, media, fashion, CPG, and more.”

He also revealed that several Caribbean nations had expressed interest in hosting a future version of the festival.

“We dove into the process—meeting with national officials, conducting site visits—and we’re confident we’ve found the ideal location for the festival,” McFarland said.

However, he added that he didn’t want to risk another collapse like the one in Playa del Carmen, where Fyre Festival 2 was initially planned.

“It’s clear that I need to step back and allow a new team to move forward independently.”

McFarland, who was convicted of wire fraud in 2018 and sentenced to six years in prison, has been attempting to rebuild the Fyre brand since his release.

He said he’s committed to continuing restitution payments to those impacted by the original festival.

“Giving control of the brand to a new group is the most responsible way to follow through on what we set out to do: build a global entertainment brand, host a safe and legendary event, and continue to pay restitution to those who are owed from the first festival.”

He ended his statement by thanking those who supported the relaunch.

“To the supporters, believers, and builders who’ve stuck with my team and me: thank you,” he said. “The next chapter of FYRE will be bigger, better, and built to last without me at the helm.”