McLaren Racing Announces Huge IndyCar Move As It Confirms New Sole Ownership Deal

McLaren Racing completes its buyout of the Arrow McLaren IndyCar Team.

Oct 20, 2024; Austin, Texas, USA; McLaren Formula 1 Team CEO Zak Brown before the start of the 2024 Formula One US Grand Prix at Circuit of the Americas. Mandatory Credit: Jerome Miron-Imagn Images / Jerome Miron-Imagn Images

McLaren Racing is set to gain full control of the Arrow McLaren IndyCar Team, a move that completes a long-term buyout from former co-owners Sam Schmidt and Ric Peterson.

Starting as Schmidt Peterson Motorsports, the team partnered with McLaren in 2021, holding a 75% interest before now becoming the sole owner.

Sam Schmidt originally founded the team in 2001, known then as Sam Schmidt Motorsports. This foundation developed through numerous partnerships and rebranding, like with Davey Hamilton in 2012 and then Ric Peterson in 2013, which brought about the Schmidt Peterson Motorsports era.

The alignment with McLaren, a brand with deep roots in motorsport history, kickstarted a new phase in 2021. McLaren had previously triumphed in the Indianapolis 500 in both 1974 and 1976 so its return was highly-anticipated by fans.

The Arrow McLaren team has been successful in bringing new excitement to the series. The existing partnership with Arrow Electronics since 2019 helped solidify their presence as the Arrow McLaren SP, a name recently refined to reflect the firm influence of McLaren as of 2023.

Now, the team is looking forward to the upcoming season, featuring a robust lineup with drivers Pato O’Ward, Nolan Siegel, and Christian Lundgaard ready to make their mark. The season kicks off with the Firestone Grand Prix of St. Petersburg on March 2, 2025.

Zak Brown, CEO of McLaren Racing, commented on the buyout:

“This is an exciting step for McLaren Racing as we grow and strengthen our presence in North America, which is a very important market for our team and our fans.

“Sam Schmidt and Ric Peterson have been great partners and co-owners, and I want to thank them as we continue to build what they started many years ago, and that is a championship-caliber NTT INDYCAR SERIES team.”

Schmidt reflected on the change, claiming it is "bittersweet." He said:

“Stepping away from my ownership role with Arrow McLaren is bittersweet. This team has been my life’s work, growing from a dream into a competitor at the highest level.

"I’m endlessly grateful to the drivers, team members, partners and fans who made it all possible and to McLaren for elevating the team’s potential. While I’m stepping back from ownership, my heart will always be with this team, and I’ll be cheering for its continued success every step of the way.”

Ric Peterson also shared his thoughts on the partnership's success and future potential, stating:

“Since I joined Sam as co-owner in 2013, it’s been rewarding to see this team evolve. We welcomed Arrow as title partner in 2019, we joined forces with McLaren in 2021, we became a three-car NTT INDYCAR SERIES team in 2023, and we celebrated many poles, podiums and wins in Indy Lights and INDYCAR throughout those years.

"This team has a strong foundation for success, and Sam and I are proud of where we leave it.”