Bell buys Octane Racing Group
Bell has agreed to acquire the operations of Montreal-based Octane Racing Group, the promoter of the Formula 1 Canadian Grand Prix auto racing event. According to the company, the acquisition will provide financial stability to the race following its cancellation in 2020 and 2021 due to the COVID-19 pandemic. Through this agreement, the event will remain in Montreal through 2031. In addition, Bell will ensure that tickets for the 2020 and 2021 races will be refunded or exchanged for tickets to the 2022 race.
Octane Racing Group will continue to operate as a standalone entity within the Bell group of companies. Octane president and CEO François Dumontier and all Octane employees have been hired by Bell. Bell Media sports networks TSN and RDS hold the Canadian broadcast rights to the Formula 1 World Championship.
“A world-renowned event that promotes Montreal at an international level, the Formula 1 Canadian Grand Prix is hugely popular in Quebec and throughout Canada,” said Karine Moses, Quebec vice-chair at Bell. “This transaction confirms Bell's commitment to deliver the most compelling content across every platform while increasing our presence in the Quebec media marketplace through significant investments in culture, sports and entertainment. As a Montreal-based company and Canada's top sports content provider, Bell can't wait to see the Grand Prix back in 2022. We welcome the Octane Racing Group team, and look forward to amplifying this iconic Montreal event over the long term with Bell's leading network, broadcasting and digital assets.”