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Over the first hurdle with the final hurdle to come for entry acceptance. If that happens then all the real (& much bigger) hurdles present themselves - designing, building and racing a competitive F1 car.
If Andretti does get in, will be interesting to see what approach it takes to personnel - poach from existing teams or develop its own (or a bit of both).
Still plenty more to come and we may not see them in action until 2026 if it is all approved, so plenty of speculation time ahead!
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