Simplify the following text for a Grade 7 native English-speaking person.
Original: In 1966 , Colin Chapman ( Lotus Cars founder and principal of Team Lotus ) persuaded Ford to bankroll Keith Duckworth 's design for a new lightweight 3000 c Formula One engine .
Simplified: In 1966 , Colin Chapman of Lotus Cars was the founder and principal of Team Lotus . He got Ford to finance Keith Duckworth 's design for a new lightweight 3.0 litre Formula One engine .