Chafee said he believes 38 Studios executives have tried hard to find additional investors, such as venture capitalists, but have not had any luck so far. Schilling has publicly said he already put $30 million into the company, and he told state officials he did not have any more money to invest, despite a lucrative baseball career during which he earned $114 million.

“He says he’s all in,’’ Chafee said. “Tapped out.’’

Schilling could not be reached for comment.

Rhode Island has already provided the company with about $49 million of the $75 million loan. Chafee said he continues to oppose giving the company tax credits because of concerns it is likely to fail anyway and cost taxpayers even more. He added that the value of the intellectual property and other assets probably would be minimal, reducing the amount of money the state could later recoup.

The original loan package was approved under Chafee’s predecessor, Republican Governor Donald Carcieri; as a gubernatorial candidate, Chafee had criticized the deal with Schilling. The fallout from the loan has already led to the resignation of two officials from the Rhode Island economic development agency.

“If we could get some confidence that any further investment was going to lead somewhere profitable, I would be in favor of that,’’ said Chafee, a former Republican member of the US Senate, now a political independent. “That has just not been the case.’’

Pressed at a news conference Thursday about how the company could have failed so quickly, and whether the state had not provided the proper oversight for its investment, Chafee said the company had anticipated better sales from its first game.

“The game failed,’’ he said. “That was integral to the success of the company.’’

Kingdoms of Amalur sold an estimated 1.2 million units, which Chafee said is less than halfway to the break-even point, according to experts the state has consulted.