Woodstock Partners With Oppenheimer For Financing

– Woodstock 50

Days after a Manhattan Supreme Court Judge ruled Woodstock 50’s former backer could not call off the event but did not have to continue financing it, organizers have announced Oppenheimer & Co. as a new financial adviser.

“We are thrilled to be onboard for this incredible weekend of music and social engagement,” John Tonelli, head of Debt Capital Markets & Syndication at Oppenheimer & Co. Inc. said in a statement  “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.”

The former chief backer, Amplifi Live – a subsidiary of Dentsu Aegis Network and former partner of Woodstock 50 LLC – announced in April the cancellation of the Aug. 16-18 festival to be held at Watkins Glenn, N.Y., citing poor planning and safety concerns. Woodstock promoter Michael Lang said the event would continue and accused Dentsu of “obstructing” the fest.

A judge ruled May 15 that Amplifi did not have to return the $18 million it took out of the event’s bank account but did not have the authority to call off the entire festival. Each side claimed vindication after the ruling, and now it appears Woodstock 50 and Lang have found the money to continue.

“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,” said Michael Lang, co-founder and producer of the 1969 and 2019 Woodstock festivals. “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.”

Despite the new financier, Woodstock 50 at press time had not secured either a local conditional use permit for the Watkins Glen International raceway site, nor a mass gathering permit from New York state officials.

While more than 80 acts have been booked, production company Superfly dropped out this month after tangling with organizers over how many people the Watkins Glen International racetrack could accommodate. Organizers envisioned 150,000, but Superfly said 65,000 was the “safe and appropriate capacity.”

Ticket sales have been delayed, permits are still in the works and major venue improvements — including roads and a temporary water system — need to be made, according to court documents and testimony.

With Jay-Z, Dead & Company and the Killers as headliners, the lineup includes some original Woodstock veterans, such as Santana and John Fogerty. But the show will also feature artists from newer generations, like the Raconteurs, Chance the Rapper and Miley Cyrus.

A separate anniversary show is planned on the same dates at the site of the original Woodstock concert, now run by The Bethel Woods Center for the Arts in Bethel, New York. Performers expected there include Ringo Starr and Santana.