Simplify the following text for a Grade 7 native English-speaking person.
Original: Scuderia Toro Rosso ( Italian for Team Red Bull ) , also known simply as Toro Rosso or by its abbreviation STR , is one of two Formula One teams owned by Austrian beverage company Red Bull ( the other is Red Bull Racing ) .
Simplified: Scuderia Toro Rosso ( Italian for Team Red Bull ) or just Toro Rosso is one of two Formula One teams owned by Austrian beverage company Red Bull . The other team is Red Bull Racing .