McLaren Racing assumes exclusive ownership of the IndyAutomobile program

McLaren Racing confirmed sole ownership of the Arrow McLaren IndyAutomobile Team, effective December 31, 2024. The full acquisition by McLaren Racing follows the ultimate phase of the buyout from Sam Schmidt and Ric Peterson.

The team, which originally operated under the Schmidt-Peterson Motorsports banner, was renamed Arrow McLaren SP in 2020 when McLaren purchased a 75% stake within the IndyAutomobile program in 2021. The name evolved to Arrow McLaren in 2023, with Schmidt and Peterson continued to act as a minority owner right now and until the top of 2024.

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Zak Brown, CEO of McLaren Racing, stressed the importance of growing and further embedding the organization with the takeover of the premier North American open-wheel championship program.

“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 Ric Peterson have been great partners and co-owners, and I want to thank them as we continue to build what they started all those years ago, a championship-caliber NTT IndyCar Series team.”

The organization's ground floor was launched under the name Sam Schmidt Motorsports in 2001, scoring a breakthrough podium courtesy of Jaques Lazier at Nashville Superspeedway. He then became an exclusive presence on the Indianapolis 500 from 2003-10. He returned to full-time racing in 2011 with Alex Tagliani. That same 12 months, the late Dan Wheldon also rode his last race with the team.

Under the Schmidt-Hamilton brand, in partnership with former driver Davey Hamilton, the team signed talented young Frenchman Simon Pagenaud and had an exceptional 2012 season that included three podiums on the approach to fifth place within the championship standings. The following 12 months Peterson arrived as a part of the team's ownership; Pagenaud gave the organization its first win within the second act of a doubleheader in Detroit, then won again in Baltimore later that season to maneuver to 3rd within the championship.

Arrow McLaren Chevrolet Zak Brown

Photo: Geoffrey M. Miller / Motorsport Images

The organization officially adopted the name Schmidt-Peterson in 2015, and Pagenaud won three more times before leaving for Team Penske the next 12 months.

In the 2016 season, James Hinchcliffe won the race within the rain at NOLA Motorsports Park. Hinchcliffe won two more times for the organization: Long Beach (2017) and Iowa Speedway (2018). In 2019, Arrow Electronics became the team's official partner.

“Stepping away from the ownership role at Arrow McLaren is bittersweet,” said Schmidt. “This team was my life's work, I transformed from a dream into a player at the highest level. I am endlessly grateful to the drivers, team members, partners and fans who made it all possible, and to McLaren for raising the team's potential. Even though I am retiring from ownership, my heart will always be with this team and I will support its continued success every step of the way.”

Peterson added: “Since joining Sam as co-owner in 2013, it has been rewarding to observe this team evolve. We welcomed Arrow as a title partner in 2019, joined forces with McLaren in 2021, became a three-car NTT IndyAutomobile Series team in 2023 and have celebrated quite a few pole positions, podiums and Indy Lights victories over time and IndyAutomobile. This team has a robust foundation for achievement, and Sam and I are pleased with where we finish.