Woodstock 50 is no longer considered canceled -- but its financial backer does not have to return the $18 million it clawed back from the festival's account.
Wednesday afternoon Judge Barry Ostrager ruled that Dentsu did not have the authority to unilaterally cancel the event -- but it denied an injunction sought by promoter Michael Lang for the remainder of the festival's seed money. The Japanese company had originally invested $49 million -- of which $31 million had already been spent.
With less than 90 days before the gates are to open, Lang and his partnership will now have to scramble to replace Dentsu's funding. They also need to secure permits needed to go ahead with the shows.
Following the hearing, Lang said, "We have always relied on the truth and have never lost faith that the festival would take place. I would like to thank all of the talent and their representatives for their patience and support. Woodstock 50 will be an amazing and inspiring festival experience."
Should Lang raise the money, it's scheduled for August 16th, 17th and 18th in Watkins Glen, New York. Among the performers are Robert Plant,John Fogerty, Santana, Jay-Z, Imagine Dragons, The Killers, Greta Van Fleet, Dead & Company and David Crosby.