In 2020, McLaren entered into a partnership with Schmidt Peterson Motorsports, marking its return to IndyCar for the first time in over 40 years.

McLaren revealed it will take a 75 per cent share of the team on Sunday, while the financial terms of the deal are not being disclosed.

A five-person board will oversee the team - Sam Schmidt and Ric Peterson, chaired by Zak Brown, CEO of McLaren Racing. 

Taylor Kiel, president of Arrow McLaren SP, will continue to lead and oversee the day-to-day running of the team.

Speaking of the news, 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. 

“I want to pay tribute to Sam Schmidt and Ric Peterson who, together with the commitment and support of Arrow Electronics, have built a formidable team for us to keep growing and fulfil our common ambition of consistently challenging for wins, Indy 500s and series titles. Key to this is the continued leadership of Taylor Kiel as president of the team, who has been instrumental to the progress of the partnership so far. 

“McLaren Racing believes IndyCar will continue to build our brand in North America, serve our expanding US fan and partner base across our racing portfolio and drive long-term value. The racing is second-to-none, with world-class competitors in both drivers and teams and a passionate, highly engaged fanbase. 

“We see real potential for the series’s continued growth under the stewardship of Penske Entertainment and will continue to play an active role supporting the sport’s success, growing the global fan base and implementing our sustainability agenda to deliver on environmental and social commitments, including progressing diversity and inclusion in the industry.” 

Arrow McLaren SP’s Pato O'Ward currently sits third in the standings with five rounds to go.