I dont understand how so many other smaller, irrelevant, and even obscure films are able to secure the finances to have remastered/restored films released while something like a restored original Star Wars trilogy is seen as a risk.
This is a franchise whose Bluray release of the original trilogy saw the changes make headlines on national news. This is the franchise whose audience is too small to appreciate a rerelease?
Even the saturation arguement makes little sense to me since most fans were marathoning all of the films in preparation of FA anyway. Whole theaters screened the older films in anticipation. There's more merchandise crammed into every possible plane of existence than there has ever been, and they're worried that adding arguably the most culturally valuable version of film for consumer consumpstion would be the straw that breaks the camel's back?
I don't buy it.
To get the original cuts up to scratch for a Blu-ray release is no small feat. It would take money and resources to do it. It would also be better spent doing a full preservation rather than just creating a new video master.
When Lucasfilm was a private entity it was a small (relatively speaking) company. As I understand it margins, especially for VFX work and post production are razor thin. As such, while it had world class facilities that could do it they were more productively used to make new films. So for a small company it would be, not necessarily a risk, but certainly an unnecessary financial encumbrance.
We know from the existing Blu-rays, which re-purposed masters which were nearly a decade old at the time of release, Lucasfilm did not like spending more money than necessary on preparing new releases. They seem to have encoded the most recent version, with a few altered shots presumable for the aborted 3D re-release, and called it a day. I also suspect that is what the much mooted 4K master Reliance was working on was for.
Now with a major corporation things are different. Disney has an entire department whose sole reason to exist is to restore and preserve their titles. A department with a budget and facilities not tied up with other work. That is why I am more positive about the possibility of a re-release of the original cuts now that I have been for a long time. I find it hard to believe a company as invested in preserving and protecting their film assets would not do the same for something as valuable, financially and culturally, as the original Star Wars movies.
At Lucasfilm the restorations would have either had to pay for themselves or have been financed at a loss. As noted by others this would not be a sure thing as the market for it is probably smaller than some of us would like to think; most people don't care what version of Star Wars they are watching. At Disney there is no such necessity as the money to pay for it is already allocated and accounted for. So any additional revenue brought in is a bonus.
It is also worth noting that George Lucas' artistic vanity is no longer the deciding issue it used to be. From numerous interviews with LFL staff I have read, everyone at the company wanted to put the originals out but they had to get it past George. Even then he relented in '06 but with the caveat that it was done as cheaply as possible.
The original plan was to do a cheap and dirty scan of an IP, but it became clear that so much work would have to be done to get it good enough for DVD, let alone HD and beyond, it would have blown the budget allocated for them. So we got the '92 Laserdisc masters instead.