McLaren Racing, the company behind the iconic Formula 1 motor racing team, has entered into an agreement to acquire a majority share in the Arrow McLaren outfit from US motorsport's IndyCar series. 

The transaction, which is expected to close by the end of 2021, will see McLaren Racing take a 75-per-cent stake in the team – one of IndyCar's most successful – with financial terms not being disclosed at this time. 

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Arrow McLaren, which was originally founded in 2001 as Schmidt Peterson Motorsports (SPM), launched in its current guise at the beginning of the 2020 season as Arrow McLaren SP, by way of a strategic partnership between Arrow Electronics (the title sponsor), McLaren Racing (who bought their initial stake in 2019), and SPM. 

McLaren has brought in a number of commercial sponsors over the last 12 months, and has also “supported the team’s communications, social and content activities to help build its growing fanbase.”

The deal means the McLaren Racing organisation now comprises four teams, with McLaren F1, McLaren IndyCar, McLaren Extreme E and the McLaren Shadow esports and gaming outfit.

The IndyCar team will be governed by a five-person board, chaired by Zak Brown, the chief executive of McLaren Racing. 

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The team’s current president, Taylor Kriel, will continue to directly oversee the team’s operations on a day-to-day basis.

Brown said: "Today’s announcement is a strong signal of our long-term commitment to IndyCar as both a racing series and a marketing platform for McLaren Racing and our sponsor partners.

“McLaren Racing believes IndyCar will continue to build our brand in North America, serve our expanding US fanbase and partners across our racing portfolio, and drive long-term value.”

Schmidt added: “McLaren is an iconic brand and we’re proud to be with them. We’re doing this to make the team better and ensure long-term success…

“We started our partnership two years ago and it’s gone extremely well, both technically and commercially.”