Simplify the following text for a Grade 9 native English-speaking person.
Original: Also , perhaps most importantly , the agreement granted FOCA the right to televise Formula One races -- this right was `` leased '' to Formula One Promotions and Administration , a company established and owned by Bernie Ecclestone .
Simplified: This may have been the most important part of the agreement . This right was `` leased '' to Formula One Promotions and Administration , a company created and owned by Bernie Ecclestone .