Oregon Rodeo Bull Won't Be Put Down Following Rampage, Officials Say

The bull that went on a wild rampage at an Oregon rodeo on Saturday night will NOT be euthanized ... TMZ Sports has learned it's been sent back to its home ranch instead.

Brian Witt -- VP of Sisters Rodeo -- tells us the plan is for the animal, nicknamed "Party Bus," to receive further training at the farm to prevent a similar incident in the future. Witt says the bull will take the rest of the year off from bucking ... and if it receives proper clearance, it could potentially return to shows at a later date.

The news will surprise many ... considering Party Bus left multiple people injured when it leaped over fencing and wreaked havoc at the sold-out 84th Sisters Rodeo in Deschutes County.

The bull ran free for several minutes in the patron-lined areas -- injuring at least four, including one who was tossed in the air by Party Bus' horns.

Witt, though, tells us he believes it was an honest mistake from the bull ... as he thinks Party Bus was just looking to return to the pen where the animals were held, but it got spooked and became erratic.

Witt said the 3-year-old received proper clearance to participate in the rodeo from the Professional Rodeo Cowboys Association -- which sanctions events in the United States, Canada and Mexico.

Even though the worst-case scenario happened ... Witt said they plan for incidents like this -- and while they will perform a protocol review, the workers acted promptly to control the situation.