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Building their own team, albeit financed by Honda, would be senseless: as Midland case shows, setting up the racing team (mechanics, track engineers etc) is already extremely difficult for people from the business, lets' imagine for newcomers!
A totally different thing would be manufacturing the car on behalf of someone else, but I agree that as far as now, it weould seriously be possible only fro the 2007-on season, not before.
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