Simplify the following text for a Grade 10 native English-speaking person.
Original: On May 6 , 2008 , team founder and principal Aguri Suzuki announced that they are to withdraw from the 2008 FIA Formula One World Championship with immediate effect due to financial problems , citing the breach of contract by the promised partner SS United Group Oil & Gas Company resulting in the loss of financial backing as putting the team into financial difficulties .
Simplified: On 6 May 2008 , team founder and principal Aguri Suzuki announced that they were withdrawing from the 2008 World Championship due to financial problems . He said the breach of contract by SS United Group Oil & Gas Company resulting in the loss of financial backing .