Woodstock 50 organizers announce new financial adviser, 'preparations will continue as planned'
The organizers of this summer’s Woodstock 50 festival on Friday said they’d teamed up with a new financial adviser and plans for the hotly anticipated anniversary event were moving forward.
Investment bank Oppenheimer & Co. is working with the group “to complete the financing for the festival,” which is being held Aug. 16 through Aug. 18 in Watkins Glen, New York, Woodstock 50 said in a news release.
“Event preparations will continue as planned as Oppenheimer joins the list of strong institutions producing the festival,” they continued.
The announcement comes after organizers and their backer Amplifi Live parted ways amid a disagreement.
Amplifi last month reclaimed about $18 million of the $49 million they’d initially put toward the festival and said the event would no longer happen.
In response, organizers insisted the show was still on and filed a lawsuit against the group.
A judge ruled Wednesday that Amplifi couldn't single-handedly cancel the festival but didn't have to put the $18 million back in to fund it while the dispute goes to arbitration.
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In Woodstock’s announcement Friday, Oppenheimer & Co. said they were “thrilled” to be a part of the event.
"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,” John Tonelli, head of Debt Capital Markets & Syndication at Oppenheimer & Co. Inc., said.
The Associated Press contributed to this report.