It's been a rough year for organizers attempting to pull off Woodstock's 50th anniversary concert. The most recent woe came when the proposed venue for the event, the Watkins Glen International Speedway, pulled out as the host for the festival, which was expected to take place in August. More details have now come to light.

According to Billboard, the primary reason for Watkins Glen pulling out of the agreement was that organizers had failed in delivering on a $150,000 payment due back on May 15.

The report suggests that speedway president Michael Printup had made several attempts at collecting on the payment before issuing a breach of contract notification on June 3. It's worth noting that the payment date for the $150,000 sum came a day after Woodstock 50's organizers lost a court battle with former financier Dentsu over the return of $17.8 million from the festival's bank account.

The $150,000 owed was actually the second portion of a $300,000 licensing fee that had been negotiated for the Watkins Glen International Speedway to host the event.

Despite the loss of venue and permits, as well as their previous investor, organizers have remained committed to putting on the event the weekend of Aug. 16-18, with hopes to announce a new venue and ticket on-sale date in the coming weeks.

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