Woodstock 50 has a new financial partner, and this time it's stateside.
Oppenheimer and Company, the New York–based investment bank and financial services company, has stepped up to fund the festival set for August 16th, 17th and 18th in Watkins Glen, New York.
Michael Lang, Woodstock co-founder and producer of the 50th anniversary celebration, says, “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.”
John Tonelli, Oppenheimer's head of Debt Capital Markets and Syndication, says, "We are thrilled to be on board 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.”
Oppenheimer stepped up to the plate after original financial backer Dentsu Aegis, a Japanese company, backed out. Earlier this week, a judge ruled that Dentsu had no right to announce that the festival was canceled.
Up next is the ticket announcement, which Lang hopes to do by the end of the month at the latest.
Michael Lang talked about Woodstock 50's original financial partner, Dentsu Aegis: "It was terrible that we had to go through this so publicly, and, you know, frankly it was just we picked a partner that had good intentions I think, but were so unfamiliar with what this business is about and how it works that it just became very difficult."