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VideoGameAccountant said:

Assuming it works, it's a great sell over more Mario Kart. 

That's why it hasn't been made, because F-Zero isn't a great sell over most of their other series let alone Mario Kart. Just doesn't make sense to go with an unproven seller over a guaranteed 20+ million seller. Not saying F-Zero should never be given another chance, but it definitely should be low on the priority list. It's not to be made if it'll take resources away from bigger games.