Complex sentence: The band's third album, "Spiritual Machine" was completed by 1997, but was never released by the band's label Waxtrax, who were by this time owned by TVT Records.
Split into simpler sentences: The band's third album, "Spiritual Machine", was completed by 1997 but was never released by the band's label, Wax Trax! Records, who were by this time owned by TVT Records.