- Investing in Canada's largest annual sports and tourism event
and in Montréal's enduring legacy in international motorsports
- Tickets already purchased will be valid for the 2022 Canadian
Grand Prix or will be refunded by Bell
MONTRÉAL, April 30, 2021 /CNW
Telbec/ - Bell today announced it has agreed to acquire the
operations of Montréal's Octane Racing Group Inc., promoter of the
Formula 1 Canadian Grand Prix, the largest annual sports and
tourism event in the country.
After the cancellation of the 2020 and 2021 Grand Prix events in
Montréal due to COVID-19, 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.
Bell will ensure that tickets sold for the 2020 race are 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).
"A world-renowned event that promotes Montréal at an
international level, the Formula 1 Canadian Grand Prix is hugely
popular in Québec and throughout Canada. This transaction confirms
Bell's commitment to deliver the most compelling content across
every platform while increasing our presence in the Québec media
marketplace through significant investments in culture, sports and
entertainment," said Karine Moses,
Bell's Vice Chair, Québec. "As a Montréal-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 Montréal event over the
long term with Bell's leading network, broadcasting and digital
assets."
Bell Media sports networks 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. Octane Racing Group will
continue to run as a standalone entity within the Bell group of
companies to promote the Formula 1 Canadian Grand Prix. Octane
President and CEO François Dumontier and all Octane employees join
Bell effective today.
"The Formula 1 Canadian Grand Prix is the biggest sporting and
touristic event in the country, and it seemed only natural for us
to join forces with Bell to help elevate the event to its fullest
potential," said François Dumontier. "With Bell's assets and
commitment to develop the event, the future of Montréal's leg of
the Formula 1 World Championship just got better. I am thankful to
have the opportunity to continue to follow my passion with Formula
1 and to be able to develop new opportunities for the Formula 1
Canadian Grand Prix with the support of a company so well
established in Québec and across Canada."
"Canada is a race that holds a special place in the F1 calendar
and is exciting for our fans and the drivers and we are delighted
by our 2-year extension to 2031," said Stefano Domenicalli,
President and CEO of Formula 1. "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."
"The Canadian Grand Prix is a flagship event that makes a
remarkable contribution to the vitality of tourism and to the
influence of Montréal and all of Québec," said Caroline Proulx, Québec's Minister of
Tourism. "I am delighted with the arrival of a new major
private partner like Bell, which, in addition to preserving the
expertise acquired over the years, contributes to the long-term
sustainability and growth of this event that generates major
economic benefits. With the announcement of the extension of the
Formula 1 Canadian Grand Prix in Montréal earlier this week,
today's transaction sends another positive signal to the tourism
industry, a sector whose importance and role in our full economic
recovery our government recognizes."
Environmental protection is an integral and longstanding element
of Bell's business. Corporate responsibility and sustainability are
also core values for the Formula 1 Group, with a goal to achieve
carbon neutrality by 2030.
About Octane Racing Group
A Montréal-based Canadian company, Octane Racing Group Inc. is
the promoter of FORMULA 1 GRAND PRIX DU CANADA through an agreement
made with Formula One Administration Limited and Formula 1 World
Championship Limited (which, together, hold the commercial rights
to F1).
About Bell
The Bell team builds world-leading broadband wireless and fibre
networks, provides innovative mobile, TV, Internet and business
communications services and delivers the most compelling content
with premier television, radio, out of home and digital media
brands. With a goal to advance how Canadians connect with each
other and the world, Bell serves more than 22 million consumer and
business customer connections across every province and territory.
Founded in Montréal in 1880, Bell is wholly owned by BCE Inc. (TSX,
NYSE: BCE). To learn more, please visit Bell.ca or BCE.ca.
Bell supports the social and economic prosperity of our
communities with a commitment to the highest environmental, social
and governance (ESG) standards. We measure our progress in
increasing environmental sustainability, achieving a diverse and
inclusive workplace, leading data governance and protection, and
building stronger and healthier communities. This includes
confronting the challenge of mental illness with the Bell Let's
Talk initiative, which drives mental health awareness and action
with programs like the annual Bell Let's Talk Day and Bell funding
for community care, research and workplace programs nationwide all
year round.
Media inquiries:
Vanessa Damha
514-870-6663
vanessa.damha@bell.ca
@Bell_News
Sandrine Garneau
438-392-9649
sgarneau@gpcanada.ca
Investor inquiries:
Thane Fotopoulos
514-870-4619
thane.fotopoulos@bell.ca
SOURCE Bell Canada