McLaren Racing confirmed Nov. 29 that it has completed the agreement to acquire the majority shareholding in the Arrow McLaren SP NTT INDYCAR SERIES team by the end of the year.

The conclusion of the agreement means that McLaren Racing will become the majority shareholder in the team with a controlling 75 percent stake, with Arrow McLaren SP to formally be part of the McLaren Racing organization.

A five-person board will govern the team, comprised of three McLaren Racing appointees, Sam Schmidt and Ric Peterson. McLaren Racing CEO Zak Brown will be the chairman. Taylor Kiel, president of Arrow McLaren SP, will be accountable to Brown and the board for the overall operations and performance of the team.

Financial terms of the deal were not disclosed.

Arrow McLaren SP represents three entities – Arrow Electronics, McLaren Racing and Schmidt Peterson Motorsports – that joined forces at the end of 2019 in a strategic partnership with a clear aim: to compete for the NTT INDYCAR SERIES championship and the Indianapolis 500 presented by Gainbridge.

The team fielded two cars in the NTT INDYCAR SERIES in 2021, with its Chevrolet-powered entries driven by Pato O’Ward and Felix Rosenqvist. O’Ward won two races in the No. 5 Arrow McLaren SP Chevrolet and finished third in the season standings.

McLaren Racing was founded by New Zealand racing driver Bruce McLaren in 1963. The team entered its first Formula One race in 1966. Since then, McLaren has won 20 Formula One World Championships, more than 180 Formula One Grands Prix, the Le Mans 24 Hours at its first attempt and the Indianapolis 500 three times. McLaren Racing currently competes in Formula One globally and the NTT INDYCAR SERIES in the U.S.

In 2022, McLaren Racing will enter a new category of motorsport when it fields a team into Extreme E, the innovative all-electric off-road racing series that highlights the impact of climate change.