By Colin Kellaher

BCE Inc.'s Bell unit on Friday said it agreed to buy the operations of Octane Racing Group Inc., the promoter of the Formula 1 Canadian Grand Prix race in Montreal, after the Covid-19 pandemic led to the cancellation of the annual sports and tourism event for a second straight year.

Financial terms weren't disclosed.

Bell said its investment brings the financial stability and enhanced investment needed to ensure the long-term growth of the annual race, adding that a two-year extension with Formula 1 will keep the race in Montreal through 2031.

Formula 1 earlier this week said the Canadian race had been cancelled again this year due to concerns related to the pandemic, including Canada's strict 14-day quarantine rules for those entering the country.

Tickets hadn't yet been sold for this year's race. Bell said tickets sold for the 2020 race will be valid for the 2022 Canadian Grand Prix, adding that holders can also opt for a refund.

Bell's TSN and RDS sports networks last year reached a deal extending their Formula 1 World Championship broadcast rights in Canada until 2024.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

04-30-21 0914ET