CTV parent company Bell acquires Octane Group, promoter of the Canadian Grand Prix

Bell has reached an agreement to acquire the promoter of the Formula 1 Canadian Grand Prix, a deal it says will bring financial stability to the race.

Financial terms of the agreement to acquire Octane Racing Group were not immediately available.

The Canadian Grand Prix was cancelled for a second consecutive year earlier this week due to health measures related to COVID-19, but officials announced that the contract for the Montreal event has been extended for two years.

The extension ensures the race will be held in Montreal until 2031.

Bell, the parent company of CTV, says it will ensure that tickets sold for the 2020 race will be valid for the 2022 edition, or refunded if ticket holders prefer.

Bell Media's TSN and RDS sports networks are partners with Formula One and last year announced an extension of broadcast rights to the Formula One World Championship through 2024.

-- this report by The Canadian Press was first published April 30, 2021.

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