McLaren has taken its next step towards a full-time IndyCar return after announcing an agreement that will see the team acquire a 75 per cent stake in the Arrow McLaren SP outfit.
McLaren joined forces with title sponsor Arrow Electronics and Schmidt Peterson Motorsports [SPM] in 2020 and has taken two race wins with driver Pato O’Ward.
Although the financial terms of the deals are not being disclosed, it has been confirmed McLaren Racing will take a 75 per cent share of the team with the transaction to close "by the end of the year".
“Today’s announcement is a strong signal of our long-term commitment to IndyCar as both a racing series and a marketing platform for McLaren Racing and our sponsor partners," said McLaren Racing CEO Zak Brown.
“I want to pay tribute to Sam Schmidt and Ric Peterson who, together with the commitment and support of Arrow Electronics, have built a formidable team for us to keep growing and fulfil our common ambition of consistently challenging for wins, Indy 500s and series titles.
"Key to this is the continued leadership of Taylor Kiel as president of the team, who has been instrumental to the progress of the partnership so far.
“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.
“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.”
Sam Schmidt, co-owner of Schmidt Peterson Motorsports, added: "With McLaren, we’re moving forward again.
"As we’ve seen we’re now a regular contender and ultimately for Ric and I, we are here to win races, win 500s and win championships.
"This next step ensures the resources to do that for a long time ahead."