The organisers of the Woodstock 50 music festival have said they have secured new funding to enable the show to go on.

Earlier in May, the lead investor Dentsu Inc backed out and released a statement saying that the event had been cancelled.

However, the festival organisers insisted the festival would still go ahead.

They have now announced in a statement that U.S. financial services firm Oppenheimer & Co, a unit of Oppenheimer Holdings Inc, had signed on as an adviser to complete financing for the festival.

"We are thrilled to be on board for this incredible weekend of music and social engagement," John Tonelli, head of Debt Capital Markets and Syndication at Oppenheimer & Co, said in the statement.

"We believe in Woodstock as an important American cultural icon and look forward to its regeneration," he added.

Scheduled for August 16 to 18 in Watkins Glen, upstate New York, the festival had been planned to celebrate the 50th anniversary of Woodstock.

The August 1969 Woodstock festival is legendary in the annals of rock 'n roll and featured a now iconic performance of Jimi Hendrix playing a blistering version of Voodoo Chile, which ran to over 8 minutes.

The festival took place on a 600-acre dairy farm in the rural town of Bethel, New York from August 15 to August 18, 1969.