Slim, who made his money in the telecoms industry, with his companies supplying 90% of Mexico's landline and mobile phone connections, is already involved in various forms of motorsport, supporting a number of up and coming drivers.

Embratel, one of his high profile businesses, currently sponsors Bruno Senna. First contact with Honda was earlier in the year after the Brackley team showed interest in the Brazilian driver, with Slim sounding out sponsorship opportunities with the team.

RealHondaF1.com wrote that Slim was in talks with the team on 23 December, after his helicopter was seen at the Brackley factory, but Italian newspaper La Stampa has gone further, claiming the deal is done. They also claim the driver line up will be Jenson Button and Bruno Senna, leaving Rubens Barrichello out of a drive.

"The saviour has arrived," claims the newspaper. "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."

Our understanding is that, should Slim be successful, the team may well be run by ex-F1 racer Adrian Campos, who has made a success career in team management right up to GP2 level.

David Richards' Prodrive firm is also in the running for the team, partnered with Kuwaiti investment firm Investment Dar Company. Also in talks, we believe, is Greek shipping magnate Achilleas Kallakis.

Vijay Mallya, the boss of rival F1 team Force India, has also spoken with the team, although only showing interest in the valuable and comprehensive assets, should the team be forced to clone.

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