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Formula 1 sets $200M entry fee for new teams!
Any new Formula 1 team wishing to join the grid in the future will be required to fork out a hefty $200 million, a fee intended to protect the prize money of current teams. The sport's new Concorde Agreement that will govern F1 from 2021 to the end of 2025 includes a more equitable distribution of revenue for the ten existing teams. However, to eliminate concerns that any new additions to the grid could reduce each outfit's size of the overall cake, a provision included in the covenant requires any new team joining the frau to pay each of its rivals $20 million. McLaren boss Zak Brown says the massive barrier to entry would not only protect the teams' share of revenue but also deter any...
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