McLaren Racing has completed its full buyout of what was once the Arrow McLaren SP and Schmidt Peterson Racing IndyCar team.
In other words, Sam Schmidt and Ric Peterson no longer have any financial stake in what is now Arrow McLaren. McLaren Racing acquired 75 percent of the team in 2021 and this was always the planned consolidation of assets.
The team was founded in 2021 as Sam Schmidt Motorsports, which added Peterson as a co-owner in 2013 and even Davey Hamilton in between, who brought over the Hewlett-Packard sponsorship from his driving tenure.
Simon Pagenaud delivered numerous wins for the team over a four year stint before he left for Team Penske. James Hinchcliffe added three wins for the organization as well prior to the arrival and investment from McLaren.
“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 in a release. “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.”
Schmidt exits the program with mixed feelings.
“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.”