By Chloe Melas, CNN

(CNN) -- The Woodstock 50 festival is determined to persevere despite another major hiccup.

Now, the venue, Watkins Glen International, has pulled out, festival officials announced Monday.

"We confirm that we will not be moving forward with Watkins Glen as a venue for Woodstock 50," Gregory Peck, a managing organizer of the festival told CNN in a statement. "We are in discussions with another venue to host Woodstock 50 on August 16th-18th and look forward to sharing the new location when tickets go on sale in the coming weeks."

The chance for concertgoers to relive the iconic 1969 show in upstate New York has proven difficult in recent months, with investors and the venue backing out.

The Woodstock 50 festival might be canceled but also it might not be

Financier and marketer Dentsu Aegis Network said in April it didn't "believe" the event could be "executed as an event worthy of the Woodstock Brand name."

Still, some of the music industry's biggest names have agreed to take part. They include Jay-Z, Miley Cyrus, Imagine Dragons, Halsey, the Black Keys, Chance the Rapper and The Killers. Artists who performed at the original Woodstock -- Santana, David Crosby and Creedence Clearwater Revival's John Fogerty -- also have signed on to headline the three-day event.

With the clock ticking, though, the festival still faces an uphill battle.