Woodstock 50 finds new investor to financially back event
According to Pitchfork, the festival will be financially backed by American investment bank Oppenheimer & Co.
In a press release, John Tonelli, head of Debt Capital Markets & Syndication at Oppenheimer, expressed the company is thrilled with the new partnership.
“We are thrilled to be on board for this incredible weekend of music and social engagement,” Tonelli says. “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 still hasn't replaced former producers Superfly and are waiting on the finalization of permits.
Despite all the issues, festival organizer Robert Lang says tickets could go on sale within the next two weeks. He revealed in a radio interview that weekend passes will cost less than $400. An on-sale date could be coming within the next 10 days.
More on Woodstock 50
In case you missed it, Woodstock 50 started falling apart after their investor prematurely canceled the event. Organizers quickly denied the festival was canceled and began their legal battle to keep the fest going.
“Woodstock 50 vehemently denies the festival’s cancellation and legal remedy will [be] sought,” a statement from Woodstock 50 said to the Poughkeepsie Journal.
Earlier this week, a judge ruled in favor of Woodstock saying the investors didn't have the right to announce the cancellation. However, Woodstock 50 “has not met the high burden entitling it to a mandatory injunction.” This means that Dentsu won't be returning $17.8 million to the festival. Previously, the festival heads claimed that money was taken by the investors.
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