Woodstock 50 has lost its funding. The investment group backing the festival announced its cancellation in trade publications Monday. Tim O’Hearn, the administrator for Schuyler County, confirmed that he had been contacted by the Dentsu Aegis Network, which was bankrolling the event.
"It was not what I anticipated happening on my Monday morning. It's certainly not the way everyone wants to start out the week. This came as a complete surprise. It's a tremendous disappointment, certainly to my office."
The festival, which was supposed to run Aug. 16-18 in Watkins Glen, had announced an impressive musical lineup. But, the announced date for ticket sales came and went on April 22nd. As of Monday, tickets were still not on sale.
O’Hearn said at the press conference that the event’s cancellation is a financial blow to the community and the region.
"It's hard to give an exact calculation, but I can say the economic impact of this is measured in the millions, not only to Schuyler county, but the region. This had a large footprint, if you will, just as NASCAR does as well. So, there's a significant economic impact that will be felt as a result of this event being cancelled."
In a statement released late Monday, Woodstock 50 co-founder Michael Lang and Woodstock LLC said that they intend to move forward with the event with new financial partners.
