Simplify the following text for a Grade 7 native English-speaking person.
Original: Following its purchase of Minardi , Red Bull Racing announced the creation of Scuderia Toro Rosso with Speed and Vitantonio Liuzzi as its drivers in 2006 season .
Simplified: After the purchase of Minardi , Red Bull Racing announced the team would become Scuderia Toro Rosso . Speed and Vitantonio Liuzzi would be the drivers for the 2006 season .