After netting a court victory earlier this week stating their original financial partner, Dentsu, had no right canceling the festival after pulling their funding, Woodstock 50 has announced they found a new financial partner.
Per Rolling Stone, New York-based investment bank and financial services company Oppenheimer & Co. has stepped in to provide some much-needed funding for the struggling festival. Oppenheimer & Co.'s head of Debt Capital Markets & Syndication John Tonelli said in a statement, "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."
Woodstock 50 organizer Michael Lang also said in a statement, "We look forward to putting on an incredible festival. Words cannot express how appreciative Woodstock 50, the artists, the fans and the community are to Oppenheimer for joining with us to make W50 a reality."
While this is all positive news, there's still a lot that needs to happen in order for Woodstock 50 to become a reality. For starters, tickets have yet to go on sale for the August 16-18 festival, and that won't happen until the festival obtains all of the necessary permits from the State of New York for their location at Watkins Glen International in Watkins Glen, N.Y. With every passing day, the festival is becoming a harder and harder sell for festival goers who will have very little turnaround to come up with the money to attend Woodstock 50.
But for now, Woodstock 50 is on as scheduled.
Erica Banas is rock/classic rock news blogger that loves the smell of old vinyl in the morning.