Simplify the following text for a Grade 6 native English-speaking person.
Original: The team was formed in October 2007 when a consortium led by Indian businessman Vijay Mallya and Michiel Mol bought the Spyker F1 team for â 88 million .
Simplified: The racing team was formed by Indian businessman Vijay Mallya . Mallya bought the Spyker F1 racing team in October 2007 , and changed the name to Force India .