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I don't think there are any rules regarding sponsoring more than one team, and regarding the fact that PSN will probably be wanting more coverage on the cars Telefonica may be of the opinion that getting two drivers in F1 for a little more outlay than one in F1 and one in F3000 by being a secondary sponsor(at least on one car) would possibly be a better option. As Telefonica have gone on record as saying that they will be continuing to support Gene in F1, and they also sponsor Alonso who is on Minardi's books I think there is an argument that this is a possibility.
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