Simplify the following text for a Grade 5 native English-speaking person.
Original: However , the FIA 's official press release of the entry list for 2006 confirmed that it had not approved Super Aguri 's entry : this was reported to be due to the team 's failure to produce the required $ 48 million entry bond on time .
Simplified: The FIA did not approved Super Aguri 's entry . It was reported that the team failed to give the required $ 48 million entry bond on time .