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I will just add that starting small is good. I've tried starting with 30 teams, put in tons of work and later find I didn't like what I had done and deleted the league.
I don't toy with the financials much.. other than selecting a starting year. I use a fixed budget for the inaugural draft and select the adjust budget to city population option.
After a few seasons, if I like my creation, I start expanding into other cities a couple at a time.
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