Maybe, but I would guess that the town that owns the rodeo grounds has some kind of insurance to cover potential liability. If the town council is like any town council I have ever run into, they will decide real quick that it is no longer in the town's best interest to rent the rodeo grounds to people who are not responsible in taking care of the animals they use. And the problem will be solved, either by the council refusing to rent out the rodeo grounds any more or else the town building a whole lot better fence that will be successful in containing the rodeo stock.
Lawyering up is the best answer. Unless the laws there are quite different than the ones I have studied for my state, shooting the loose animals would probably be a real good way of getting booked into jail. And then you spend LOTS of money with the lawyers to get the mess untangled.
In general, I don't like lawyers much. But there are times and places where they are useful and possibly necessary. I think this is one of them.
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