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James Vowles came closest to convincing me that a new team could really harm the back-half of the grid. I'm still in favour of the Andretti bid but I think teams like Williams should still be permitted more spending on infrastructure to bridge the gap between them and the bigger teams.
But even then! The 200 million fee that the new team has to give is literally to reduce the impact of the prize pot dilution. It was cleverly left out of James Vowles statement.