The 50th anniversary festival was on shaky ground after its previous investors pulled out.
Woodstock 50 looks like it will go ahead after organisers secured new financial backing for the festival.
The event, which is due to take place in Watkins Glen, upstate New York, in August, will commemorate the 50th anniversary of the original Woodstock festival.
Now, organiser and Woodstock co-founder Michael Lang has confirmed a new investor has been found. Investment bank and financial services company Oppenheimer & Co. will act “as a financial advisor to complete the financing for the festival,” according to a statement issued by the festival.
It continued: “Event preparations will continue as planned as Oppenheimer joins the list of strong institutions producing the festival.”
John Tonelli, the Head of Debt Capital Markets & Syndication at Oppenheimer, added: “We are thrilled to be onboard for this incredible weekend of music and social engagement. 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.”
The news comes after the New York Supreme Court ruled earlier this week that Woodstock’s former investor, Dentsu Aegis Network, could not cancel the festival. When Dentsu pulled out of funding the event, they issued a statement saying Woodstock 50 would no longer be going ahead.
While financial backing has now been secured, the festival still faces a number of issues, including agreeing on the festival site’s capacity. According to court documents, Lang had disagreed with Superfly, the company producing the festival, over the number of attendees to be allowed on site – he wanted 125,000 while Superfly wanted 65,000 to keep the risk of crowd safety issues at a minimum.
Jay-Z, Dead & Company, and The Killers are scheduled to headline the anniversary event between August 16-18. Miley Cyrus, Chance The Rapper, Halsey, Cage The Elephant, The Raconteurs, Robert Plant, and more are also due to appear.