"We have been more than patient with the current management and governance of Formula One, but recent developments have underlined the need for a structure that guarantees a stable and prosperous future of the sport, " said GPWC chairman Juergen Hubbert.

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He said the US remained committed to working with all parties to secure a "stable, peaceful, and prosperous future".

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They have set their country on a path for a more prosperous and stable future.

WHITEHOUSE: The White House