Following the withdrawal of investment from initial backers Dentsu-Aegis back in April Woodstock 50 had been in jeopardy. But it appears now that the festival has found some more financial backing in recent days.
The festival is scheduled to celebrate the original 1969 event but has been on the back of multiple setbacks including exiting investors and ticketing issues, with the former coming complete with Dentsu suggesting the festival had been entirely cancelled, which organisers, and head of festival Michael Lang, vehemently denied.
But now, it seems that the festival has found a safe footing to move on as it has found new investment from Oppenheimer & Co. who have now become the main financiers of the event.
“We are thrilled to be onboard for this incredible weekend of music and social engagement,” said John Tonelli, head of Debt Capital Markets & Syndication at Oppenheimer, in a press release. “We believe in Woodstock as an important American cultural icon and look forward to its regeneration in the green fields of Watkins Glen this August with all of the artists on the remarkable lineup.”
Another set back the festival faced was that Woodstock 50 had failed to acquire a mass gathering permit from the New York State Department of Health which has yet to be confirmed.
As well as drafting in Donald Trump’s lawyer, organiser and original part in 1969 Michael Lang was scathing of Dentsu-Aegis’ decision to announce the festival had been cancelled.
“…our financial partner, Dentsu-Aegis, made the decision to pull out and informed us that they were cancelling the festival at the same time they let the press release go public. We have yet to understand why they would try to prevent the festival from happening by seemingly undermining us in this way. It is one thing to decide for oneself that it is best to move on, but it is entirely another thing to try and close the door on us.”
“Woodstock never belonged to Dentsu, so they don’t have a right to cancel it, Woodstock belongs to the people and it always will. We don’t give up and Woodstock 50 will take place and will be a blast!”
At the moment, Woodstock 50 is still scheduled to take place on August 16-18 in Watkins Glen, New York. And will be headlined by The Killers, Dead & Company, Jay-Z, Miley Cyrus, Santana, Chance The Rapper, Imagine Dragons, and Halsey.