Mexico City  - The son of Mexican billionaire Carlos Slim dismissed a report that his father was interested in buying the Honda Formula One team for the symbolic price of 1 dollar, the daily newspaper Reforma reported Sunday.

Reforma said it had received a statement dismissing the story from Carlos Slim Domit, son of the billionaire and second richest man in the world.

The Italian newspaper La Stampa reported earlier Sunday that Slim would have to invest some 300 million euros (421 million dollars) to finance the team next season

Honda announced earlier this month it was pulling out of F1 because of the escalating crisis in the automobile industry.

La Stampa reported that a condition of any buy-out was that Bruno Senna join the team alongside Britain's Jenson Button. Team-mate Rubens Barrichello of Brazil would thus be left without a drive.

Slim, who owns three-quarters of the Latin American telecommunications market with his Telmex group, visited the Honda racing facilities in Brackley, Britain, before Christmas.

Senna is nephew of the three-time Brazilian world champion Ayrton Senna who was killed in a crash at the San Marino Grand Prix in 1994.