Woodstock 50, a festival designed to celebrate the 50th anniversary of the famous Woodstock festival, has been cancelled.

The event had faced increasing pressure after its main investor Dentsu Aegis Network, dropped out in April, saying it could not ensure the “health and safety of the artists, partners and attendees.”

Woodstock 50 founder Michael Lang subsequently said Dentsu had siphoned $17m from the festival’s bank account, but that the event would still be proceeding.

It has now been officially cancelled, however. Organisers blamed a series of “unforeseen setbacks”.

The festival originally featured a line-up including Jay-Z, The Killers, Miley Cyrus and many more. The majority of the artists involved began to drop out once the news broke about the funding.