LOS ANGELES

Photo Courtesy: Digital Music News

A planned three-day concert to mark the 50th anniversary of the iconic 1969 Woodstock festival is facing an uncertain future amid conflicting statements from main investors and festival organizers.

The investors said they had decided to not go ahead with the event while the organizers insisted that the festival would take place as per schedule from August 16 to 18 in Watkins Glen in upstate New York State.

Big artists such as rapper Jay-Z, Miley Cyrus, and rockers the Killers were part of the lineup.

In a statement, Dentsu Aegis Network, a unit of Dentsu Inc, the main investors, said they had decided to cancel the event.

"Despite our tremendous investment of time, effort and commitment, we don't believe the production of the festival can be executed as an event worthy of the Woodstock brand name while also ensuring the health and safety of the artists, partners, and attendees," Dentsu Aegis Network said in a statement to Billboard.

"As a result and after careful consideration, Dentsu Aegis Network's Amplifi Live, a partner of Woodstock 50, has decided to cancel the festival." 

However, the festival organizers said they were going ahead with the event with new funding.

"It's going to be a blast," they told Pitchfork.

"We are committed to ensuring that the 50^th anniversary of Woodstock is marked with a festival deserving of its iconic name and place in American history and culture. Although our financial partner is withdrawing, we will, of course, be continuing with the planning of the festival and intend to bring on new partners." 

The festival promoter and co-founder of the 1969 festival Michael Lang also denied it had been canceled.

Responding to Dentsu's statement, Lang told the New York Times, "They do not have the right to unilaterally cancel the festival." 

The 1969 Woodstock festival is considered as a defining moment in music and saw performances by legendary artists such as Indian sitar maestro Ravi Shankar, Jimi Hendrix, Janis Joplin, Richie Havens, Bert Sommer, The Who, Tim Hardin, Joan Baez, Santana, Johnny Winter, and Sha Na Na.