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 Rick Peterson and Sam Schmidt, who founded the team in 2001.

The team originally ran under the Schmidt-Petersen Motorsports banner, but then changed. Arrows Mclaren SP In 2020, McLaren purchased a 75% stake in the IndyCar program.

It evolved into Arrows McLaren in 2023, during which time and until the end of 2024, Schmidt and Peterson were still in minority ownership roles.

Jack Brown, CEO of McLaren Racing, emphasized the importance of expanding and strengthening the organization with this acquisition 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.”

Schmidt said: “It is bittersweet to step down from my ownership role with Arrows McLaren.

“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.”

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 to 2010. 2011 saw a return to full-time racing with Alex Tagliani, while 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 PagenaudHe had a great 2012 season, taking four podiums and fifth place in the championship.

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 and won again in Baltimore later that season to move up to third in the championship.

“Since I joined Sam as co-owner in 2013, it has been rewarding to watch this team grow,” Peterson said.

“We welcomed Arrows as a title partner in 2019, we joined forces with McLaren in 2021, we became a three-car NTT IndyCar Series team in 2023, and we scored multiple poles in Indy Lights and IndyCar during those years, Celebrated the podium and victory.

“This team has a strong foundation for success, and Sam and I are proud of where we have left it.”

The team officially became Schmidt–Petersen in 2015, with Pagenaud winning three times before departing. Team Penske Next year. Arrow Electronics became the team’s official partner in 2019.