The former Honda team principal assumed control "with immediate effect" and the British-based team confirmed on Friday that Jenson Button and Rubens Barichello will be its drivers this year.

"The past few months have been extremely challenging for the team but today's announcement is the very pleasing conclusion to the strenuous efforts that have been made to secure its future," Brawn, also a former technical director of Ferrari's F1 team, said in a statement.

"It is a great shame that having worked with Honda Motor Company for so long we can no longer continue together." Brawn GP will take part in preseason tests in Spain at Barcelona and Jerez before the season-opening Australian Grand Prix on March 29, when the grid will feature 20 cars.

Brawn GP will not use Honda engines after securing a partnership with McLaren to use its Mercedes engines. It is the fourth time that Honda, which announced it was pulling out of the sport in December, has abandoned F1.

Financial details of the buy-out were not revealed, nor were plans for the 700 staff at the Brackley-based outfit. There was also no mention of whether Nick Fry, who worked alongside Brawn and was reportedly engaged in the management buy-out talks, will have a role in the team.

Honda had one of the highest budgets in F1 last year at 200 million pounds.

"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," said Hiroshi Oshima, spokesman for the Japanese automaker.

"We offer our sincerest wishes for the new team which will be led by Ross."

Barichello earned the nod to partner Button for the fourth straight year over GP2 racer Bruno Senna, nephew of three-time world champion Ayrton Senna.

"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 in Melbourne," Brawn said of the two drivers, who have combined to race a total of 423 GP races.

"Their experience with our team in Brackley, our systems and our engineers, will prove a real asset." Brawn also said that governing body FIA, F1 boss Bernie Ecclestone and the Formula One Teams Association had played a big supporting role in helping secure the deal. F1 is introducing major regulation changes from this season in a bid to cut costs amid the global economic downturn.