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Woodstock 50 has received financial support from new investors. The festival celebrating the original event of 1969 has recently experienced many setbacks, including early investors: the first sponsors, Dentsu Aegis Network, withdrew their financial support from the festival in April, claiming that Woodstock 50 had been canceled. Now festival organizers have announced that US investment bank Oppenheimer & Co. has stepped in as a new financier.
"We are excited to participate in this incredible weekend of music and social engagement," John Tonelli, director of Debt Capital Markets & Syndication at Oppenheimer, said in a press release. "We believe in Woodstock as an important American cultural symbol and we look forward to its regeneration in the lush green fields of Watkins Glen in August with all the artists of the remarkable lineup.
Before losing investors, the organizers of Woodstock 50 failed to obtain a mass collection permit from the New York State Department of Health, and ticket sales for this event were subsequently delayed. In early May, promoter Michael Lang – an original partner of the inaugural festival of 1969 – insisted that the event still unfolds. It has not yet been confirmed whether the Woodstock 50 has received a mass collection permit from NYS DOH.
Read Pitchfork's timeline on the decline of Woodstock 50 and see "Coachella was our Woodstock" in the field.
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