MONTREAL – Bell Canada announced Friday it has agreed to acquire the operations of Montréal’s Octane Racing Group Inc., promoter of the Formula 1 Canadian Grand Prix, what it calls “the largest annual sports and tourism event in the country.”
Unfortunately, due to the Covid-19 pandemic, the event has been cancelled for two straight years.
However, “Bell’s investment brings the financial stability and enhanced investment needed to ensure the long-term growth of the Formula 1 Canadian Grand Prix. With the event now secured in Montréal through 2031, today’s announcement unlocks a wide range of enhanced commercial opportunities for both Bell and F1,” reads the announcement.
Bell will ensure tickets sold for the 2020 race remain valid for the 2022 Canadian Grand Prix or ticket holders will be refunded if they prefer that option. A number of 2020 ticket holders had already chosen to transfer their tickets to the canceled 2021 event, and that option is now available to them for the 2022 race (tickets had not yet been sold for the 2021 event).
Bell Media’s TSN and RDS have been Formula 1 partners for decades, and last year announced the extension of Formula 1 World Championship broadcast rights in Canada until 2024, adds the release. Octane Racing Group will continue to run as a stand-alone entity within Bell. Octane president and CEO François Dumontier and all Octane employees joined Bell effective Friday.
“The news today of Bell’s investment is very positive and will ensure the long term growth of the Grand Prix which will benefit the sport and the city of Montréal alongside the great work that François and his team are delivering and will continue to deliver,” said Stefano Domenicalli, president and CEO of Formula 1, in the Bell release.
