McLaren Racing has confirmed its acquisition of full ownership of its IndyCar Series team, completing its takeover ahead of the 2024 season. The organization, which initially purchased a 75% stake in the team in 2021, has now secured the remaining shares from former IndyCar driver Sam Schmidt and Canadian businessman Ric Peterson.
Previously known as Schmidt Peterson Motorsports, the team was rebranded as Arrow McLaren following McLaren's initial investment. The move solidifies McLaren’s position in the North American racing scene, as the team prepares for the upcoming season opener at the Grand Prix of St. Petersburg on March 2.
“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,” said Zak Brown, CEO of McLaren Racing. “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-calibre NTT IndyCar Series team.”
Reflecting on the transition, Schmidt shared, “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.”
The acquisition underscores McLaren Racing’s commitment to expanding its footprint in North America and its ambition to contend for championships in the highly competitive IndyCar Series.