Organizers of Woodstock 50 are declaring that the festival is still on after a Manhattan court judge ruled Tuesday that the event's financial backer, Amplifi Live -- the investment arm of the Dentsu Aegis Network marketing company -- didn't have the right to cancel concert extravaganza.

According to the ruling, Amplifi Live can't cancel the festival without the approval of Woodstock 50's organizers. Woodstock 50 also requested that Amplifi Live be made to return nearly $18 million in funds that organizers claimed the company misappropriated, but the judge ruled that that matter needed to be determined by arbitration.

Woodstock 50 co-organizer Gregory Peck says in a statement about the ruling, "Woodstock 50 is on! We can't wait to bring this important event to the public this summer. We have one of the greatest lineups of talent of any music festival, and we are grateful to all of the talent for their loyalty and support."

Adds Woodstock founder Michael Lang, "We have always relied on the truth and have never lost faith that the Festival would take place. I would like to thank all of the talent and their representatives for their patience and support. Woodstock 50 will be an amazing and inspiring festival experience."

Variety points out that the organizers still have many major hurdles to overcome before the festival proceeds, including financing and permit issues.

Woodstock 50 had been scheduled for August 16-18 -- exactly 50 years after the original Woodstock festival took place -- at Watkins Glen International Speedway in Watkins Glen, New York. The announced lineup includes SantanaJohn FogertyDavid CrosbyDead & CompanyRobert PlantMiley CyrusJay-ZThe KillersImagine Dragons and many others.

More From WNAW AM