McLaren Racing takes sole ownership of IndyCar program

McLaren Racing confirms its sole ownership arrow mclaren IndyCar teams, effective December 31, 2024. The full acquisition by McLaren Racing follows the finalization of its purchase from Sam Schmidt and Rick Peterson.

Originally running under the Schmidt-Petersen Motorsports banner, the team was renamed Arrows McLaren SP in 2020, when McLaren purchased a 75% stake in the IndyCar program in 2021. The name evolved into Arrows McLaren in 2023, with Schmidt and Peterson still involved in a minority ownership role during that time and until the end of 2024.

McLaren Racing CEO Jack Brown stressed the importance of expanding and further strengthening the organization with the acquisition of the program 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,” Brown said. “Sam Schmidt and Rick Peterson have been great partners and co-owners, and I want to thank them as we continue to build on what they started several years ago, and that is a championship caliber NTT IndyCar Series team.”

The ground floor of the organization was formed in 2001 as Sam Schmidt Motorsports, earning a successful podium at Nashville Superspeedway courtesy of Jacques Lazier. It then became a featured presence in the Indianapolis 500 from 2003–10. 2011 saw a return to full-time racing with Alex Tagliani. The late Dan Wheldon also ran his final race with the team that same year.

Under the Schmidt-Hamilton label, in partnership with former driver Davy Hamilton, the team picked up a talented young Frenchman named Simon Pagenaud and achieved an exceptional season in 2012 that included three podiums to finish fifth in the championship standings. Peterson arrived as part of the team’s ownership the following year; Pagenaud scored the organization’s first win in the second act of a Detroit doubleheader, winning again in Baltimore later that season and moving up to third in the championship.

The organization officially became Schmidt-Petersen in 2015, with Pagenaud winning three more times before departing. Team Penske Next year.

watched the 2016 season james hinchcliffe Drive to victory in a rain-affected race at NOLA Motorsports Park. Hinchcliffe won two more times for the organization: at Long Beach (2017) and Iowa Speedway (2018). Arrow Electronics became the team’s official partner in 2019.

“It is bittersweet to step down from my ownership role with Arrows McLaren,” said Schmidt. “This team has been my life’s work, growing from a dream to a competitor at the highest level. I am extremely grateful to the drivers, team members, partners and fans who made this possible, and I am also grateful to McLaren for enhancing the team’s potential. Although I am stepping back from ownership, my heart will always be with this team, and I will be cheering for its continued success every step of the way.

“Since I joined Sam as co-owner in 2013, it has been rewarding to watch this team grow,” said Peterson. We welcomed Arrows as a title partner in 2019, we teamed up with McLaren in 2021, we became a three-car NTT IndyCar Series team in 2023, and we scored multiple poles, podiums in Indy Lights and IndyCar during those years. And celebrated the victory. This team has a strong foundation for success and Sam and I are proud of where we have left it.”