Mexican billionaire set to rescue Honda

The world's second richest man, Mexican billionaire Carlos Slim, has expressed an interest in buying beleaguered Formula One team Honda, according to reports in Italy.

Honda are up for sale after the Japanese manufacturer announced earlier this month that they were pulling out of Formula One due to the economic global crisis.

Senior executives Ross Brawn and Nick Fry have been given until the end of January to find a new owner.

Italian newspaper La Stampa has reported that Slim - worth about US$60 billion according to some experts - visited the team's Northamptonshire headquarters 11 days ago.

"The saviour has arrived: Carlos Slim, 67, the second richest man in the world," the paper said.

"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, who will take the place of Rubens Barrichello."

Senna, the nephew of former triple world champion Ayrton Senna, is sponsored by Embratel, which is part of Slim's Telmex group.

Barrichello's contract with Honda expired at the end of this season while Button only recently signed a new long-term deal with the company.

Former team director David Richards and the Kuwait-based Investment Dar Company have also been linked with bids for Honda.