Vitaly Petrov’s Formula 1 dream today hangs in the balance after his father admitted that the loan he had personally secured to pay the first instalment of his son’s €15 million deal to race for the Renault F1 team in 2010, had been put on hold.

Speaking to the Russian media, Alexander Petrovic has revealed that despite approaching 500 of Russia’s largest companies for support, his son’s management have come up empty handed. Indeed, it is Petrov’s father himself who has promised to pay the first instalment of €7.5 million to Renault (securing the money against his own property), after the team agreed to hand Petrov his F1 debut on the proviso that half the seat’s €15 million value be paid at the beginning of March 2010, with the remaining €7.5 million to be paid in July 2010.

“Vitaly’s manager Oksana Kosachenko, who has taken care of my son for the past nine years and through whom we came to Formula 1, immediately began to look for sponsors,” he told “The leadership of Renault met us, and allowed us to pay the money in two instalments, delaying payment of the first until March and the second until July.

“Oksana visited 500 large Russian companies, but was refused everywhere! When I told Vitaly we could not find the money and that he would be better to forget about Formula 1, he started to cry… as a child he never cried, but with this shock he could not help himself.

“Thank God, at the last moment my friend – the Chairman of the Board of Directors of one of the St. Petersburg banks – did not refuse to issue a credit for €7.5 million. To do this, I had to lay the property.”

Alexander however has admitted that, as of yet, he has still not received the loan and that if the money fails to arrive before March 1, his son may lose his Formula 1 drive.

“The first seven and a half million, we still have not received. The bank extended the consideration of an application for a loan – the money is huge. If, before the first of March we do not make the first payment, Vitaly can be changed to another pilot.”

Petrov’s signing to Renault came amongst speculation that his ride was being funded by Russian oil and gas corporation Gazprom, however Alexander told that this was incorrect.

“It would be better it were true! But, unfortunately, this is just fiction. If in fact, Gazprom had sponsored us, then the car would have their inscription.”

Petrov Snr hopes that messages of support from high ranking government officials, including Prime Minister Vladimir Putin, will help his son’s cause in not only oiling the cogs to facilitate the payment of the first instalment, but also in procuring the necessary funding to ensure that his son is able to meet the full terms of the payment schedule in 2010 and complete a full season in F1.

“We have one hope: the chairman of the Government Vladimir Putin. President of Federation of motorsport Russia Victor Kiryanov and Sports Committee Chairman of the State Duma Anton Sikharulidze Vladimir Vladimirovich wrote letters asking for help.”