Texas A&M students traditionally built a bonfire every November to mark the yearly football game against the University of Texas at Austin.
But in 1999, the 55-foot high bonfire collapsed just a few days before it was supposed to be lit.
The collapse killed a dozen people and wounded 27 others.
Ray Bowen, Texas A&M president, held a press conference last week to announce that it would cost about $2.5 million for construction, insurance and design of a professional safety plan.
Bowen stated in a press release that the university could not afford to spend that much money.
Bowen also stated in the release that he only spoke for the year 2002, as he is resigning later this year.
But this marks the second year in a row that the university will not have a bonfire to commemorate the rivalry game.
Bowen stated that he hopes to encourage the beginning of a new tradition and believes that the bonfire did not define Texas A&M.
"My advice -- for whatever the advice of a lame-duck president is worth -- is that the students face the inevitable and focus their energy on creating a new challenge, a new tradition," Bowen stated in the release.