The troubled occasion did not ship the second half of the $300,000 licensing price on account of Watkins Glen Worldwide speedway.
Organizers of the Woodstock 50 competition misplaced their competition website at Watkins Glen Worldwide speedway as a result of they didn’t make a $150,000 fee due on Could 15, Billboard has discovered.
New court docket filings in New York present that speedway president Michael Printup made a number of makes an attempt to gather the fee from Woodstock 50 investor Greg Peck and the occasion’s co-founder Michael Lang earlier than issuing a breach notification on June three. Legal professionals for Dentsu, which had agreed to speculate $49 million within the troubled Aug 16-18 competition and later tried to cancel the occasion, hooked up Printup’s letter to a June 12 discover filed with the New York Supreme Courtroom’s Appellate Division asking for Woodstock’s attraction of a earlier ruling to be dismissed.
The missed fee was the second half of the $300,000 licensing price competition organizers had agreed to pay the NASCAR monitor to host the competition. The $150,000 fee was due the day after Woodstock 50 misplaced a key court docket battle on Could 14 when a New York decide refused to drive Dentsu to return $17.eight million of its personal cash withdrawn from the competition’s checking account.
Three days afterward Could 17, Woodstock 50 officers introduced that they had enlisted funding financial institution and monetary providers agency Oppenheimer & Co. to function a monetary advisor and “full the financing for the competition.” Then on June three, Printup despatched Peck and Lang an authorized letter informing them “the ultimate fee has not been acquired and WGI is formally terminating [the licensing agreement].” Peck refused to simply accept the licensed letter and after the publish workplace returned the notification to WGI, Printup despatched a June 7 e-mail informing Peck of the termination.
On Monday, Printup introduced that the speedway had “terminated the location license for Woodstock pursuant to provisions of the contract” and was “rescinding its Mass Gathering software” with the New York State Division of Well being. Hours later, CID Leisure, who had been floated as a attainable substitute for producer Superfly, knowledgeable Billboard that it was “now not concerned in Woodstock 50 in any capability.”
Regardless of dropping its allow, its producer and its venue over the course of some hours, and after dropping its primary investor and essential components of two court docket rulings, Peck stays defiant and insists the present will nonetheless go on.
“We’re in discussions with one other venue to host Woodstock 50 on August 16th—18th and stay up for sharing the brand new location when tickets go on sale within the coming weeks,” he stated in a press release to Billboard.
Billboard reached out to Printup and was advised the racetrack president had no remark. Representatives for Woodstock 50 didn’t reply to a request for touch upon Thursday.