McLaren Racing has confirmed sole ownership of Arrow McLaren IndyCar Team, which went into effect on December 31, 2024. The full acquisition by McLaren Racing comes after the final phase of its buyout from Sam Schmidt and Ric Peterson.
The team that was originally run under the Schmidt-Peterson Motorsports banner was changed to Arrow McLaren SP in 2020, when McLaren bought a 75% stake in the IndyCar program in 2021. The name evolved to Arrow McLaren in 2023, with Schmidt and Peterson still involved in 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 organization with the takeover 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,” 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.”
The ground floor of the organization 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 2003-10. A return to full-time racing happened in 2011 with Alex Tagliani. 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 and went on to score a standout season in 2012 that included three podiums en route to fifth in the championship standings. The following year saw the arrival of Peterson as part of the team ownership; Pagenaud delivered the organization’s first win in the second act of a Detroit doubleheader before winning again at Baltimore later that same season and rising to third in the championship.
The organization officially became Schmidt-Peterson in 2015, with Pagenaud winning three more times before departing to Team Penske the following year.
The 2016 season saw James Hinchcliffe deliver a victory in a rain-impacted race at NOLA Motorsports Park. Hinchcliffe won two more times for the organization: Long Beach (2017) and Iowa Speedway (2018). Arrow Electronics became an official partner of the team in 2019.
“Stepping away from my ownership role with Arrow McLaren is bittersweet,” said Schmidt. “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.”
Peterson added, “Since I joined Sam as co-owner in 2013, it’s been rewarding to see this team evolve. 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.”
