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I don't mind a 1st round buy back, second round all the buy backs run each other. Third round they re-enter competition. That way if there are 50 buy backs only only 25 re-enter competition.

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IMO this is letting someone with more money than talent buy a round - the second round. First round losers that want to purchase a losers-buyback should have to race each other to go to the second round. That way everyone that races in the second round had to win one race, and everyone that goes to the third had to win two races.