Several weeks after Dentsu Aegis Network, pulled its financial support from the Woodstock 50 festival and claiming the event had been canceled, the organizers announced American investment bank Oppenheimer & Co. are the new financiers
In a press release, John Tonelli, the head of Debt Capital Markets and Syndication at Oppenheimer, said: “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.”
Michael Lang, a cofounder of the original Woodstock and producer on Woodstock 50, said : “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.”
In an interview with Sirius on Thursday, Lang assured that a new ticket on-sale date would be announced soon. He confirmed that a limited number of one-day passes will be available.
Woodstock 50 organizers fired a lawsuit against Dentsu after they accused Dentsu of stealing $17.8 million from the festival’s bank accounts, as well as wrongfully canceling the event.
The judge ruled that Woodstock 50 could carry on with the planning of the festival, but Dentsu did not have to return the money.
