OnLive founder and CEO Steve Perlman remains in charge of the cloud gaming outfit despite selling the company to new owners.

In a statement sent to OnLivefans, the firm revealed Perlman will continue in his role for the forseeable future and is currently focusing on the transition of assets to the new company as well as new product releases.

The statement also suggested there would be further announcements about the future of OnLive over the next few months, with plans to add more features to the service.

“The recent transition was the hardest thing we at OnLive ever had to go through in our careers,” read the statement.

“We can’t get into the details, but we faced a multidimensional business challenge because of the scope, depth and complexity of the OnLive Service, devices, apps, games, and social features, etcetera. It’s unprecedented to do what OnLive has done in even a major corporation, let alone a start-up.

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“Big companies can absorb the uncertainty of an R&D project this big. For start-ups, sometimes you are left with no choice but to do a “reboot” if you are going to keep the vision alive, so it can once again grow and evolve."

The cloud gaming outfit was effectively shut down last week as all assets at the company were transferred to new owner Lauder Partners, resulting in significant layoffs.

Despite letting go of around 50 per cent of its staff, the company said it would be hiring “substantially more people”, including additional OnLive employees.

Insolvency Services Group CEO Joel Weinberg, who is handling OnLive’s alternative bankruptcy claim, recently revealed that the firm had racked up between $30m and $40m worth of debt to its creditors, sparking off the company’s sale.