Woodstock 50 prospects look much brighter thanks to new financial partner announcement
There has been no shortage of drama when it comes to Woodstock‘s return and 50th anniversary, which is set to take place August 16-18 in Watkins Glen, New York. After speculation surrounding the festival’s cancellation spread amidst financial woes, it has now been confirmed that the festival will go on, in part thanks to the news that investment bank and financial services company Oppenheimer & Co. will come on board as the financial partner of the festival.
John Tonelli, the Head of Debt Capital Markets & Syndication at Oppenheimer, commented in the partnership announcement, stating, “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.”
This partnership announcement comes after previous investor of the festival, Japanese company Dentsu Aegis, decided to pull their $18 million investment and announce the festival’s cancellation. The New York State Supreme Court ruled that Dentsu did not need to return their investment, but that the company did not have the right to announce the festival’s cancellation. With the news of Oppenheimer & Co. coming on board as the festival’s financial partner, the festival’s future looks brighter.
Michael Lang, organizer of both the 1969 iteration of the festival and Woodstock 50, commented on the partnership in an official release, stating, “We’ve lined up artists who won’t just entertain, but will remind the world that music has the power to bring people together, to heal, to move us to action and to tell the stories of a generation. 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.”
While no official date has been announced yet for tickets to go on sale, fans can expect tickets to go on sale for the festival’s 50th anniversary soon thanks in part to the news of this new partnership.