Billy McFarland says he has secured funding for "Fyre Fest 2.0"

Fyre Festival co-creator, Billy McFarland, has announced that he has secured funding for "Fyre Fest 2.0” of the event.

Alongside this, McFarland also revealed that a Broadway musical - based on the disastrous festival - could be in the works.

Publishing a video via TikTok, the founder - who was released from prison a year ago for defrauding investors in the disgraced 2017 Fyre Festival - explains that has attained investment to run Fyre Fest 2.0.

Read this next: Bahamian government “will not approve” any Billy McFarland event in the country

He explains: "I’m announcing two things today. One, Fyre Festival 1.5 is going to be a Broadway musical. And that two, we are in talks with partners to pay back all of my restitution and execute Fyre Festival 2 according to the original vision on this incredible and beautiful island."

Comments on McFarland’s post dub the festival’s return as “Titanic 2” with another user writing: “Imagine getting scammed for Fyre Festival twice”.

Last month, McFarland made a similar public statement on Twitter: “Fyre Festival II is finally happening. Tell me why you should be invited.”

A Twitter user replied to his post saying: “Tell me why you shouldn’t be in jail”.

McFarland wrote: “It’s in the best interest of those I owe for me to be working. People aren’t getting paid back if I sit on the couch and watch tv. and because I served my time”.

Read this next: Fyre Festival attendees may receive a fraction of the previously agreed settlement

It has now been over a year now since the entrepreneur was released from prison early having served over four years and being ordered to pay $26 million to investors after pleading guilty to two counts of wire fraud in relation to the festival scandal.

The scandal was documented by Netflix which reported that McFarland had promised a luxury festival and “culture experience of the decade” yet attendees - many of whom had paid up to $100,000 (£75,000) - found leaky FEMA tents with wet mattresses and cold cheese sandwiches billed as gourmet food.

Watch Billy McFarland’s announcement below.

Becky Buckle is Mixmag's Multimedia Editor, follow her on Twitter