McLaren gain complete ownership of IndyCar team

Effective December 31 2024, McLaren has become sole owner of the Arrow McLaren IndyCar Team. 

The British manufacturer has completed its buyout of the team which was previously owned by Sam Schmidt and Ric Peterson.

McLaren purchased a 75% stake in the Schmidt Peterson Motorsports outfit back in 2021, before it became known as Arrow McLaren SP and, most recently, Arrow McLaren. 

From 2021-2024, Schmidt and Peterson retained minority ownership; however, Peterson feels himself and Schmidt can be proud of where they are leaving the team.

“Since I joined Sam as co-owner in 2013, it’s been rewarding to see this team evolve," stated Peterson.

"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."

As for Schmidt, the feeling of losing ownership is "bittersweet", although he will continue to cheer the outfit on.

"Stepping away from my ownership role with Arrow McLaren is bittersweet," Schmidt said. 

"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."

For the 2025 IndyCar season which starts on March 2 with the Firestone Grand Prix of St. Petersburg, Arrows McLaren will field three cars. 

The team will be represented by Pato O’Ward, Nolan Siegel and Christian Lundgaard, with McLaren CEO Zak Brown recognising the importance of the final 25% being purchased.

"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.

"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."