Things have never been this bad for the Renault F1 team. Their performance is light-years behind where it used to be, their star driver is bolting once again, their top management has been thrown out of the sport in disgrace, and its biggest sponsors are leaving en masse. And now, following months if not years of speculation, the French automaker could be preparing to cut its losses and shut down its racing team altogether.

Reports indicate that Renault's board of directors is currently weighing its options, with possibilities including maintaining its full participation in the series, reverting to acting as an engine supplier for other teams (like Red Bull), or following Toyota and BMW out of the sport before next season. However reports that the FIA is considering taking legal action against Toyota for breach of contract which locked the company into the series through 2012 could make the decision a little more difficult.

The anticipation must be especially gut-wrenching for Robert Kubica, who just signed with Renault for next season after BMW Sauber exited the series. One way or another, the company is expected to announce its decision in the coming days.