Mr Tiriac, who heads Romania's Olympic Committee, vowed to give away the car should the prime minister back up a 2001 pledge to build 400 sports halls.
Four hundred and two sports halls had been built, the ex-sports star said.
But critics say the bet was void, as some halls were still under construction or unusable.
A team of reporters from sports daily Gazepa Sporturilor visited Mr Nastase's home village of Cornu - where the prime minister has a farm - and discovered the only evidence of construction of a new sports hall was the laying of foundations.
| We have to convince our leaders that sports is as important as mathematics or chemistry, and having only PhD's who can't run is not normal Ion Tiriac |
However, Mr Nastase said the wager "benefited Romania's children" and has promised to sell the car in a public auction with proceeds going towards furnishing and equipping sports facilities.
In a small ceremony on Thursday, Mr Tiriac gave Mr Nastase the keys to a gleaming black Mercedes S500, saying it was a bet he was "happy to lose".
Romanians go to the polls on 28 November to elect a president.
Mr Tiriac, who has represented Romania in tennis and ice hockey and is now a wealthy businessman, is set to step down this month as president of the country's Olympic Committee.
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Birou de traduceri autorizate. Oana Gheorghiu - tel/fax: 252.8681 / [EMAIL PROTECTED]
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