Renault Might Oust Vitaly Petrov on March 1

When they confirmed Vitaly Petrov as their new race driver for the 2010 Formula One Championship, Renault F1 Team told the media that the signing of the deal had to do with the Russian's value as a driver, rather than the money he'll bring with him at the Enstone organization.

Well, according to the latest media reports coming from Russia, the Genii Capital-backed team will likely have a chance to prove that in the upcoming few weeks. It seems Vitaly's father, Alexander Petrovic, is yet to secure the money for his son's first installment at Renault F1 Team. As reported by sovsport.ru, the bank is yet to issue the money for the aforementioned payment.

Last year's runner-up in the GP2 Series, Petrov made no secret from the fact that his father managed to secure the necessary funds to secure him a racing spot in the 2010 championship, with Renault. However, once he inked the deal with the French manufacturer, he urged the sponsors in his native Russia to “wake up” and consider a backing programme for him in the series.

That was the first sign that things weren't exactly going according to plan, as Petrov initially promised Renault F1 team around 15 million euro in sponsorship in exchange for a racing seat. The Russian source suggested that unless the first installment is paid by March 1, Petrov would be ousted by Renault with immediate effect.

Earlier today, it has emerged that Petrov's signing was a last minute decision by the Enstone officials, as Christian Klien also had some good chances of becoming Robert Kubica's teammate at Renault. However, the sponsorship money promised by Petrov was the thing that turned things around for the Russian, leaving the Austrian racer without a race seat for the 2010 season.