The management of Vitaly Petrov has denied that the Russian's seat with Renault is under threat. Petrov is believed to pay €15million for his F1 seat. A Russian website however quoted the father of Petrov as saying that he was still waiting on the approval of the loan to pay for the first instalment and if the loan did not come through before March 1, Vitaly could lose his seat.
A statement read: "Following recent speculation in F1-related media about the situation between the Renault F1 Team and Vitaly Petrov, the driver's management denies all rumours, which were due to a misunderstanding in an interview with the driver's father.
"We would like to confirm that the Renault F1 Team and Vitaly Petrov's management have reached full agreement and have signed a binding contract for 2010. Vitaly will drive for the team in all 19 grand prix in this year's FIA Formula One World Championship. At present, both team and driver are preparing for the next official test session, which is due to take place from February 10 to 13 on the Jerez circuit. No further comment will be made."