Unlike the original festival, Fyre said in a statement that live event organiser Lostnights has signed up to handle the details, along with hotel, travel and ticketing companies also coming on board to help plan and organise the event.
Relaunching the festival, Mr McFarland told Sky News' US partner NBC News that Fyre II is "not about the past" but about "taking the vision, which is strong".
The second Fyre Festival has officially been announced, nearly 10 years since the first infamous event quickly turned into a disaster.
When asked if there was a risk to buying a ticket to the second attempt at the festival, Mr McFarland told Today: "Until it's experienced, there is a risk component to it.".
It even led to co-organiser Billy McFarland serving nearly four years of a six-year prison sentence after he pleaded guilty to wire fraud charges relating to the festival and various fraud charges stemming from a separate ticket-selling scam.
