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.