Simplify the following text for a Grade 9 native English-speaking person.
Original: The team , near collapse , was purchased by Australian businessman Paul Stoddart in early 2001 , merging it with his European Racing Formula 3000 team .
Simplified: The team , near financial collapse , was purchased by Australian businessman Paul Stoddart in early 2001 . Stoddaart merged the team with his European Racing Formula 3000 team .