I don't know how trustworthy this article is. A while ago, I remember reading an article about why there will never be a sequel or reboot of the first film, with a snippet of an Steven Spielberg interview. He wanted to do a remake of the film, but after talking with Seth Rogan (who tried to get the rights), he saw how impossible it was due to the scriptwriter who owned the copyright, who had been approached multiple times about doing a remake or a sequel to the film.
But then again, things can change. So, I'm a little hopeful, though a bit hesitant.
I like the original too. But the modern actors & production design will strip away most of the nostalgia value. What's left is a basic plot that was creative & cute for 1984 but sounds very boring & tired to be making now.
As much as I love the original, it doesn't need a sequel. It never did. I have absolutely no faith in Hollywood to do it right and this is just the unoriginality of Hollywood doing remakes and reboots rather than coming up with new ideas.
A sequel could be done but it'd be so hard to do that hollywood would take a giant dump on it like every other 80s franchise. Seth Rogen shouldn't even be allowed in toilet paper commercials, he's not even talented enough to squeeze the charmin.
I'm all for a sequel, provided it's done right, is not a reboot, and acknowledges time has passed. It's been 30 years. Alex has probably done a bang-up job of rebuilding the Starfighter Legion (maybe even recruited his brother a decade or so after the first film), Centauri and Grig have died (with iconic actors like that, I don't want to try to recast), Gunstars have evolved, and some new threat looms. I almost think it would be better in an "infinitely-replayable" video-game format. Maybe some sabateur has taken exception to the Star League or the Starfighter Legion or Alex in particular and the sabotage kills Grig and Centauri and Alex tasks the player-character with finding out whodunnit, and having some ground and space combat along the way. *shrug* Dark Forces meets Alien: Isolation meets... well, the Last Starfighter. *heh*
But given the coin-toss of Hollywood doing it right, I think the rights-holder is smart to say no (at least until someone who knows how to tell a good story and do it justice comes along).
I always saw a sequel working better like a mini-series. Alex is head of Starfighter Legion, long retired from piloting himself as has Maggie (now his wife and a former pilot or gunner herself). He has two kids who are in active service and all is peachy until some devastating attack which kills... One of them (either Maggie or a child). The ensuing series is about the war and has the added drama of him being terrified to lose anyone else from his family (have to do something to shake his confidence, death of a loved one works).
I should have posted this earlier. If you don't want to watch the entire series (16 videos) you can go to the "grand finale" to see how it turned out. You may or may not like the "funnies" that he puts on the end of the videos. They usually involve a character called The Professor who really has a thing against smurfs.
Could be good. I kind of hope they don't come back to earth for a fresh crop of mmo players. I'd actually rather they just dump the video game angle as a quirky idea Centari once had and move forward with the Star League stories.
Also, I can't remember, but didn't Xur actually escape and survive the first one? Maybe it just took him 30 years to help the Kodan armada rebuild.