Last week, things seemed incredibly bleak for Woodstock 50. Despite a decision in New York Supreme Court that investor Dentsu Aegis Network did not have the capacity to completely cancel the festival on its own, a dark cloud still hung over the event and faith in its ability to still throw a complete event by August was waning.
However, somehow, miraculously, Michael Lang, co-founder and co-producer of the 1969 Woodstock festival and this year’s 50th anniversary, found a new investor. According to a press release issued by Woodstock 50, the Oppenheimer & Co. brokerage and investment bank will provide financing for the event.
“Oppenheimer & Co. has signed on as a financial adviser to complete the financing for the festival…,” read the release. “Event preparations will continue as planned as Oppenheimer joins the list of strong institutions producing the festival.”
While an investor is all well and good, it doesn’t solve all of Woodstock 50’s problems. It still requires a mass gathering permit from the city, which is required before tickets can go on sale. And then there’s the equally massive problem of consumer faith in the event, which has been effectively neutered by the media’s reporting that it has already been cancelled. Yet, Lang’s positivity knows no bounds.
In an interview with Sirius XM Volume last Thursday, Lang said an on-sale date could be announced in the next 10 days and tickets could go on sale in two weeks. Tickets would cost less than $400, and “a limited number of one-day tickets will be sold, which is contrary to a previous comment in which he said no one-day passes would be available,” writes Poughkeepsie Journal.
“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,” said John Tonelli, head of Debt Capital Markets & Syndication at Oppenheimer.
Time will tell if the festival ends up a bust or a success. Woodstock 50 is scheduled for Aug. 16-18. Jay-Z, the Lumineers, Miley Cyrus, Carlos Santana and more than 80 acts are scheduled to perform at Watkins Glen International raceway in Schuyler County.
