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Multiple Meanings
franchise — as in:  franchise business

She saved for years and then purchased a franchise that sells sandwiches.
a right granted by one organization to another — most frequently the right of a small company to do business under the brand name and systems of a larger company (as when a local McDonalds restaurant is owned by an individual rather than the McDonalds Corporation)
franchise — as in:  franchise to vote

At that time, the franchise was limited to male property owners.
a privilege granted to a person or group by a government (especially the rights of citizenship and the right to vote)

More specifically, "franchise" may refer to a sports team that is licensed or approved by a sanctioning organization.
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