I can't imagine the kind of liability suit the university would face if another student were murdered as a result of "a university-sanctioned event with a history of getting out of hand due to the large number of drunken idiots participating in said event" once again got out of hand. It would not stun me to hear that the university's lawyers advised the committee to dump this thing before something really bad happened and it cost the university as a result.
I get that the history of the event is "important" - the parade, the pies, the display of farming implements, etc. But I honestly believe this "importance" is being greatly overplayed. Why? Because I was a student during the "Dry VEISHEA" era (1997-2003). When the focus of the event was returned to what was "important", all anybody ever did was complain about how VEISHEA sucked because drinking was banned and, in fact, should be cancelled. And by the way, people just went to off-campus parties and got loaded anyway. So what this tells me is that the "importance" of VEISHEA isn't the parade, the pies, the farm implements, or the university showcase, the "importance" of VEISHEA is the the University-sanctioned excuse to abuse alcohol and act like drunken asshats on campus.
It has been a long time since VEISHEA has been about it's original intentions, it's now about the right to act like a drunken idiot. The university over the last 20 years has tried different ways to "fix" VEISHEA - making it "dry", cancelling it on several occasions, bringing in better entertainment. IT. HAS. NOT. WORKED. It's time to put this event to bed before something really tragic happens - again.