McLaren Racing Acquires Majority Share of IndyCar Team
McLaren Racing has entered into an agreement to acquire a majority share in the Arrow McLaren SP IndyCar team, the team announced. The transaction will close by the end of the year and will see McLaren Racing take a 75% share of the team. The financial terms of the deal are not being disclosed.
The agreement comes at the inaugural NTT IndyCar Series race in Nashville, Tennessee, midway through the second season of the McLaren Racing partnership with Schmidt Peterson Motorsports.
The team was originally founded by Sam Schmidt in 2001, with Ric Peterson joining in 2013 to form Schmidt Peterson Motorsports (SPM). The team ran one of the most successful Indy Lights programs in recent times, securing seven drivers’ championships, while in the INDYCAR series it has claimed 13 pole positions and 27 podiums including nine race victories, two as Arrow McLaren SP.
The team will be governed by a new five-person board, comprising three McLaren Racing appointees together with Sam Schmidt and Ric Peterson, chaired by Zak Brown, CEO of McLaren Racing. Taylor Kiel, President of Arrow McLaren SP, will continue to lead and oversee the operations of the team, reporting directly to the board.
McLaren returned to full-time IndyCar competition in 2020 after a 40-year absence to create Arrow McLaren SP, forming a strategic partnership with title sponsor Arrow Electronics and SPM, bringing technical and engineering expertise to the existing operation. In addition, McLaren has helped strengthen the team’s commercial portfolio with the addition of sponsors Vuse, Mission Foods, Darktrace, Tezos and QNTMPAY while supporting the team’s communications, social and content activities to help build its growing fanbase.
The announcement underlines the continued growth of the McLaren Racing organization, with four fully-fledged teams, headed by McLaren F1 and complemented by the McLaren IndyCar, McLaren Extreme E and McLaren Shadow esports and gaming teams.
“McLaren Racing believes IndyCar will continue to build our brand in North America, serve our expanding US fan and partner base across our racing portfolio and drive long-term value. The racing is second-to-none, with world-class competitors in both drivers and teams and a passionate, highly engaged fanbase,” said Brown.
“We see real potential for the series’s continued growth under the stewardship of Penske Entertainment and will continue to play an active role supporting the sport’s success, growing the global fan base and implementing our sustainability agenda to deliver on environmental and social commitments, including progressing diversity and inclusion in the industry.”
