Simplify the following text for a Grade 7 native English-speaking person.
Original: On 18 December 2006 , it was confirmed that he had purchased a controlling interest in the CTE Racing-HVM Champ Car team and that the team would be renamed Minardi Team USA .
Simplified: On 18 December 2006 , it was confirmed that he had purchased a controlling interest in the CTE Racing-HVM Champ Car team . Rhe team would be renamed Minardi Team USA .