The telecommunications giant claims it The investment will provide the financial stability and additional investments needed to ensure the long-term growth of the Formula 1 Grand Prix in Canada
.
Octane Racing will continue to operate as an independent entity within the Bell Group of companies to promote the Grand Prix. François Dumontier and all Octane employees have joined Bell as of today
Can we read the press release?
François Dumontier is still at Octane’s helm, both as president and CEO, but he’s no longer the only shareholder of this small, 16-person company full time.
Francois Dumontier explained to Radio Canada Sports that I was the only one carrying the weight of the company on my shoulder, taking on financial risks. I have a little on my shoulder.
Thanks to Bell’s assets and commitment to developing the event, the future of the Canadian Grand Prix is even brighter. I am grateful to have had the opportunity to pursue my passion for Formula 1 racing and to be able to create new opportunities for the Canadian Grand Prix with the support of a firm established in Quebec and Canada.
It is Bill who will now bear the financial risks of being now the full owner of the commercial rights to the Grand Prix du Canada.
, Determines.
With the various platforms of Empire Belle open new doors to staging a Grand Prix. With resources in the broad sense of Bell, we believe we can strive for growth and vision.
François Dumontier in his office at the Arena Gilles Villeneuve
Photo: Société Radio-Canada
The Gilles-Villeneuve department, which recently acquired an entirely new garage / garage building, will not change, however.
These will not necessarily be infrastructure investments, as the department meets standards. But we can imagine that we can organize other events on the sidelines of the Grand Prix
, He said.
The new resources will be on the budget, yes, but for the activities related to the Grand Prix.
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François Dumontier wants to be clear: The Belle Grand Prix will not be in Canada from now on.
It’s still called the F1 Grand Prix of Canada, and we’re still hoping to put the sponsor’s name on it.
, He adds.
This file is still open, and Bill will give us a strong hand at this level, explains the Quebec businessman. Finding a major sponsor is just as important as before, because there is money involved, of course. But for us, everything that surrounds us is what matters to us, it is promotional platforms, marketing and other insights.
Dumontier said Bell’s arrival is not directly related to the announcement of contract extensions with the Formula 1 group for 2030 and 2031.
Bill wasn’t expecting that, no. It’s a bit of a coincidence. It is reported that these two cases were moved in parallel. There was an agreement negotiated with our government authorities, but F1 had to give me its final approval so that I could make this deal.
François Dumontier, President and CEO of Octane Group, in an interview with Radio Canada
Photo: Société Radio-Canada
Over the years, I have developed a great deal of flexibility. And while I wasn’t in the forefront of the negotiations, I wasn’t too far away, he says. I’m glad it’s Friday, and this week is over.
RDS and TSN, two television networks owned by Bell Media, have held the rights to broadcast the Formula 1 World Championship for several years, and the current agreement expires in 2024.
Bale already had a strong presence in sports, with hockey and basketball, Mr. Dumontier recalls. They add the largest sporting event in the country to their portfolio.
Bill wanted to reassure ticket holders of canceled GP releases. Tickets will be valid for the 2022 race or will be refunded.
On Wednesday, when the race scheduled for June was confirmed to be canceled, government levels were also confirmed They announced that they had agreed that the event would take place in Montreal until 2031. The initial agreement expired in 2029.
The Canadian Grand Prix is often described as one of the country’s most important tourist events.
The Minister of the Economy of Quebec, Pierre Fitzgibbon, announced this two days ago The total sub-benefit is approximately $ 100 million, and the monetary benefit to the Government of Quebec is approximately $ 10 million
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Emily Thompson is a contributor at Vaughantoday.ca, covering a wide range of topics including local news, politics, business, technology, sports, entertainment, and lifestyle. She focuses on clear, accurate reporting that helps readers stay informed about current events and developments that matter to their community. Her work emphasizes useful information, balanced coverage, and stories that reflect the interests, concerns, and everyday experiences of readers across Canada.