According to Brooklyn Vegan, Woodstock 50 found a new investor to help the festival progress through its current turmoil. Original Woodstock co-founder Michael Lang is ready for this year’s edition to move forward as its court order against the festival’s former financial partner, Dentsu Aegis Network, has been settled. Lang field an injunction against Dentsu, asking for millions and demanding the company follow through on its obligations. In addition, he accused the company of embezzling from the music festival funds. Dentsu reportedly pulled out in late April and Pitchfork said that American investment bank Oppenheimer & Co will now partner with the festival to help finance it.
“We are thrilled to be onboard for this incredible weekend of music and social engagement,” John Tonelli, head of Debt Capital Markets & Syndication at Oppenheimer, said in a press release. “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.”
As they are waiting on the finalization of permits, Woodstock 50 has still yet to announce a new producer in place of Superfly. Lang and Greg Peck, his Woodstock partner, discussed in addition to when fans might expect to see tickets go on sale in an interview yesterday. Festival goers can rest easy as the status of the festival was once unclear, it is now in the books with the new financial backer.
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