This deal saves the Honda team from falling victim to the global economic crisis which has seen big companies slashing costs wherever they can to stay afloat.

Honda and Brawn did not disclose the cost of the deal but said the company had sold all shares of its Honda Racing F1 Team to him.

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"As a result of this sale, the team ownership has transferred to Mr Brawn, who plans to have the new team compete for this year's FIA Formula One World Championship," Honda said in a statement.

The new owners said the outfit - now called the Brawn GP Formula One Team - had agreed a partnership with British-based Mercedez-Benz High Performance Engines to supply its 2.4-litre engine.

Brawn GP acknowledged in its statement that "the past few months have been extremely challenging," and that today's announcement "is the very pleasing conclusion to the strenuous efforts that have been made to secure its future."

Brawn said the huge experience of Button and Barrichello, who have started 423 races in total between them, would be invaluable after the lost winter.

"The vast experience and knowledge that both drivers bring to our team will prove invaluable as we aim to get up to speed in the shortest possible time to be ready for the first race of the season," he said.

Barrichello is the most experienced driver in Formula One history, having raced in 271 Grand Prix, winning nine.

Honda had in December announced it was exiting Formula One in a bid to cut costs during the economic downturn, which has ravaged Japanese exports to the United States, Europe and other markets.

The move sparked new calls for the glamour sport to slash its mind-boggling budgets, and prompted Toyota to hurry out a statement pledging its continued commitment to the championship.

In December, Japan's Fuji Heavy Industries, maker of Subaru cars, said it would withdraw from the world rally championship, followed by an announcement in January by major motorcycle maker Kawasaki that it was pulling out of the MotoGP.

Honda has also said it will scale down its motorcycle racing activities to cope with the economic crisis, notably skipping this year's Suzuka Eight Hours endurance championship.

Hiroshi Oshima, the managing officer of Honda's motor sports, said in the statement: "We have conducted various studies and discussions so that the team can continue its activities as a new team."

"We are very pleased that we could sell the team to Ross Brawn with whom we have been partaking in the challenges of F1 competition, and are grateful for his decision," he added.