Out of all of Nintendo’s many franchises, one of the most requested that’s been out of the picture for quite a while is F-Zero. There’s been nothing but cameos and guest appearances for the star, Captain Falcon.
Today, Nintendo confirmed that the reason for this is because Captain Falcon is Bill Dauterive from King of the Hill. This important story development can’t be addressed however, because they do not have the rights to King of the Hill.
Nintendo lost the rights to King of the Hill when Microsoft acquired Rare in 2002, which threw a wrench in the narrative of the F-Zero series.
Captain Falcon will unmask himself as Bill after the events of the last F-Zero title, but this development in the story has been put on hold indefinitely.
Miyamoto has gone on record saying that he refuses to budge on this, and is not willing to change the F-Zero lore to accommodate this.
F-Zero has been shelved, seemingly forever, and will probably not get another installment unless Nintendo reacquires the rights to King of the Hill, or works out some kind of licensing deal.