Schwarzenegger flexes muscles in fight for governorship by signing up Sage of Omaha

Arnold Schwarzenegger, the former Mr Universe and front-runner for the job of California governor, has added some financial muscle to his campaign by hiring the billionaire investor Warren Buffett.

The appointment will add some credibility to Mr Schwarzenegger's campaign, which, critics complain, has so far been more about snappy one-liners than solutions to California's parlous financial state.

It teams the Hollywood star with a Democrat-leaning Wall Street legend.

Mr Buffett, chairman of Berkshire Hathaway, will be the actor's senior economic adviser, helping him to put together a team that can deal with the state's $38bn (£25m) deficit.

"I have known Arnold for years and know he will be a great governor," said Mr Buffett. "It is critical to the rest of the nation that California's economic crisis is solved, and I think Arnold will get the job done."

Mr Schwarzenegger is one of a field narrowed by state election officials to 135 on Wednesday.

The ballot on October 7 will be a two-stage vote - asking residents first if they want the incumbent governor Gray Davis kicked out of office, and then who they would want to replace him.

Despite pundits questioning the lack of substance to Mr Schwarzenegger's campaign, his star power has ensured that he is currently leading the polls.

A CNN/Time magazine poll released at the weekend gave him 25% of the vote.

Mr Buffett, 72, known as the "Sage of Omaha", has developed a cult-like following among investors. Thousands make the annual pilgrimage to Omaha, Nebraska, for Berkshire Hathaway's annual meeting to listen to his homespun wisdom on a wide range of topics.

His investment strategy is based on common sense principles: to buy shares in companies that he understands and to hang on to them for the long term.

In a prepared statement, Mr Schwarzenegger described Mr Bufett as his role model, "the greatest investor ever, my mentor, and my hero".

Mr Buffett has in the past been identified with Democratic causes and has loudly denounced President George Bush's tax cut plans as a social injustice. He has also given campaign contributions to New York senator Hillary Clinton.

Mr Schwarzenegger, 56, is a moderate Republican, and enlisting Mr Buffett could help him win over some Democratic voters. The star of the Terminator films also has the backing of his wife Maria Shriver, a member of the Kennedy-clan, and a lifelong Democratic supporter.

Many observers have denounced the election as a circus, which could have damaging implications for national politics.

Others jostling for the job include the Hustler porn magnate, Larry Flynt, the former child actor Gary Coleman, and Angelyne, who drives a pink Corvette and is known for nothing more than buying billboards to plaster her image on.