(CNN) The Woodstock 50 festival, which in its planning stages has been plagued by a series of misfortunes and obstacles, will not go on as planned.

"We are saddened that a series of unforeseen setbacks has made it impossible to put on the Festival we imagined with the great line-up we had booked and the social engagement we were anticipating," said Michael Lang, co-founder of the Woodstock Music and Arts Festival. "We thank the artists, fans and partners who stood by us even in the face of adversity."

The festival had been scheduled to take place August 16 to 18 to celebrate Woodstock's 50th Anniversary.

Jay-Z pulled out of the festival just days ago, as did musician John Fogerty.

The cancellation brings to conclusion a messy saga that began earlier this year.

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