Founders Ja Rule and Billy McFarland explained that they will be issuing full refunds to all attendees and offering them free VIP passes to the festival in 2018.
They also explained the circumstances that lead to the poor conditions and admitted to being under-prepared.
“They simply weren’t ready for what happened next, or how big this thing would get. Suddenly, they found themselves transforming a small island and trying to build a festival,” the statement said.
It continued, “We decided to literally attempt to build a city. We set up water and waste management, brought an ambulance from New York, and chartered 737 planes to shuttle our guests via 12 flights a day from Miami. We thought we were ready, but then everyone arrived.”
“The team was overwhelmed. The airport was jam packed. The buses couldn’t handle the load. And the wind from rough weather took down half of the tents on the morning our guests were scheduled to arrive. This is an unacceptable guest experience and the Fyre team takes full responsibility for the issues that occurred,” Fyre Fest added.
The group plans to revamp the festival for 2018 and host it at a United States beach venue.
Read the company’s full statement on Billboard.