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As said in the tin.

https://en.wikipedia.org/wiki/Grand_Prix_Masters

It happened in 2005 only, with modified Indycars, and outside Ecclestone control. It unfortunately folded after 3 races only.

Whatif it happened some decades earlier, say, in the 80's ? the cars being F3000s (cheap, already racing ahead of F1 races, and easier to drive for old pilots)
https://en.wikipedia.org/wiki/International_Formula_3000

could be fun...
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