December 28, 2008

MEXICAN billionaire Carlos Slim, the world's second-richest man, has rescued the Honda Formula One team, Italian newspaper La Stampa has reported.

“The saviour has arrived: Carlos Slim, 67 years old, the second richest man in the world,” the newspaper reported.

“The news is not official as all the details have yet to be formalised. But two things are certain - the team has been saved and the drivers will be Jenson Button and rookie Bruno Senna in place of Rubens Barrichello.”

Honda, believed to have an annual racing budget of around $US400 million ($587.37 million), announced earlier this month that they were pulling out of Formula One as a result of the global financial meltdown.

La Stampa, which did not identify the source of its story, added that Bruno Senna, the nephew of triple world champion Ayrton Senna, is sponsored by Embratel, part of Slim's Telmex group.

Honda first competed in F1 in 1964 and wons three Grands Prix, including Jenson Button's in Hungary in 2006.

The manufacturer's engines were also been behind dozens of Williams victories by stars such as Nelson Piquet, Ayrton Senna and Alain Prost.

The team finished ninth in the constructors championship this season with 14 points.

Honda Motor also supplied engines and other technical support to Formula One team Super Aguri, which quit due to financial problems in May.