PBR Australia is investigating how and why a bull escaped from its Bendigo Invitational event.
The bull, Bring the Action, has died after being tranquillised at Uley Street last night.
"He was a great bull," PBR Australia general manager Glen Young said.
He said Bring the Action had been one of the stars since joining the circuit.
The bull was in the championship round on the night.
Mr Young said Bring the Action was generally quiet and was of a good temperament.
"He was a beautiful bull," he said.
He said Bring the Action's owner was distressed by the loss.
PBR Australia will investigate why the bull died, as well as how and why he got loose.
Bring the Action had been in a back pen with another bull shortly before he escaped.
Mr Young said he wasn't sure how the bull got out.
"It's very soon after the event. We're going to do a full investigation," he said.
He believed it was possible the bull found an opening in the panels.
Mr Young said the rodeo arena was state-of-the art. No breakages had been discovered, and the gates were still locked when the incident took place.
He said bulls were known to jump fences, but thought it unlikely as the organisation screened bulls and did not bring animals known to have done so.
Mr Young estimated Bring the Action's escape lasted about 40 minutes.
"It happened at a time when a lot of people were leaving the facility," he said. "It was very fortunate no-one was hurt."
People's and the animal's safety and wellbeing were front of mind for the team when handling the bull's capture, Mr Young said.
He was pleased with how the team handled the situation.
Several attempts were made to capture the bull before it reached Uley Street.
One took place near the showgrounds.
Mr Young said the preference had been to calm the bull down as much as possible without the need for sedation.
He said the team had a vet on call and at the ready in case Bring the Action needed to be tranquillised, and police were notified.
Police then called someone Mr Young believed to have been a ranger.
He said the decision to tranquillise the bull was made in consultation with the police and the bull's owner.
Mr Young said there was always risk involved in sedating an animal, but it was weighed against the risk the situation presented.
How the incident unfolded
The sound of a car suddenly braking heralded the appearance of a runaway bull in Bendigo for a Prouses Road resident.
The woman said she heard the driver of a car turning into Swan Street yell out, "What the..."
"And as I've looked over I've seen this big black bull running down the road and straight into the paddock opposite Swan Street," she said.
She said the bull was in the paddock for about 30 minutes before taking off again.
The woman said staffers from the PBR Australia Bendigo Invitational followed the bull into the street.
The bull was eventually tranquillised at Uley Street and transported back to the showgrounds.