Simplify the following text for a Grade 6 native English-speaking person.
Original: Lotus Racing then announced that they had acquired Team Lotus Ventures Ltd , the company led by David Hunt since 1994 , during which Team Lotus had stopped competing in Formula One , and with it full ownership of the rights of the Team Lotus brand and heritage .
Simplified: Lotus Racing then bought Team Lotus Ventures Ltd. . This company owned the rights to use the name Team Lotus .