Billy McFarland says he will sell the brand "to an operator that can fully realize its vision." The news comes days after the postponement of Fyre Festival 2, which was scheduled for late May.

So far, Fyre Festival 2, the brand's second attempt after a scandal-ridden first round in 2017, as not gone well.

Billy McFarland announced the sale of Fyre Festival’s assets after canceling its Mexico revival and issuing refunds to ticket holders.