Simplify the following text for a Grade 6 native English-speaking person.
Original: In December 2010 Group Lotus ( Proton ) announced the creation of ` Lotus Renault GP ' , the successor to the Renault F1 Team that will contest the 2011 FIA Formula One World Championship , having purchased a title sponsorship deal with the team with the option to buy shares in the future .
Simplified: In December 2010 Group Lotus ( Proton ) purchased part of the Renault F1 team . They announced the team would be now be known as Lotus Renault GP .