Simplify the following text for a Grade 7 native English-speaking person.
Original: SAGIS , the company that owns the circuit , hoped that the race would be reinstated at the October 2006 meeting of the FIA World Motorsport Council and scheduled for the weekend of 29 April 2007 , providing renovations to the circuit were completed in time for the race , but the reinstatement was denied .
Simplified: SAGIS is the company that owns the circuit . They hoped that the race would be reinstated at the October 2006 meeting of the FIA World Motorsport Council .