McLaren Racing takes sole ownership of IndyCar outfit

McLaren Racing has confirmed sole ownership of the Arrow McLaren IndyCar Team, which went into effect on 31 December 2024.

The full acquisition by McLaren Racing comes after the final phase of its buyout from Ric Peterson and Sam Schmidt, who founded the squad in 2001.

The team originally ran under the Schmidt-Peterson Motorsports banner, but then changed to Arrow McLaren SP in 2020 as McLaren bought a 75% stake in the IndyCar program the following year.

It evolved to Arrow McLaren in 2023, with Schmidt and Peterson still holding a minority ownership role during that time and up to the conclusion of 2024. 

Zak Brown, the CEO of McLaren Racing, stressed the importance of expanding and further rooting the organisation with this takeover in North America’s premier open-wheel championship.

“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 Brown.

Arrow McLaren Chevrolet Zak Brown

Photo by: Geoffrey M. Miller / Motorsport Images

“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 added: “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.”

The ground floor of the organisation was formed as Sam Schmidt Motorsports in 2001, earning a breakthrough podium courtesy of Jaques Lazier at Nashville Superspeedway.

It then became an exclusive presence in the Indianapolis 500 from 2003 to 2010. A return to full-time racing happened in 2011 with Alex Tagliani, while the late Dan Wheldon also drove his final race with the team that same year. 

Under the Schmidt-Hamilton label, in partnership with former driver Davey Hamilton, the team plucked a talented young Frenchman named Simon Pagenaud, who had a standout season in 2012 scoring four podiums and fifth in the championship.

Sam Schmidt, Arrow McLaren SP Chevrolet

Photo by: Michael L. Levitt / Motorsport Images

The following year saw the arrival of Peterson as part of the team ownership; Pagenaud delivered the organisation's first win in the second act of a Detroit doubleheader before winning again at Baltimore later that same season rising to third in the championship.

“Since I joined Sam as co-owner in 2013, it’s been rewarding to see this team evolve," said Peterson, whose arrival in 2013 caused the outfit to re-brand as Schmidt-Peterson two years later.

"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.”