Simplify the following text for a Grade 8 native English-speaking person.
Original: In 1997 , the group changed its name to the Socialist Party , but the ownership of this name has been contested by the much older Socialist Party of Great Britain .
Simplified: In 1997 , Militant Labor changed its name to the Socialist Party . The ownership of this name has been contested by the Socialist Party of Great Britain founded in 1904 .