McLaren Racing, the motorsport arm of the automotive and high-tech manufacturer, has today confirmed that it has acquired the majority shareholding in the Arrow McLaren SP IndyCar team.

The financial terms of the deal have not been disclosed but, through the agreement, the intention for which was announced in August and that is expected to close by the end of the year, McLaren Racing will have a 75-per-cent controlling stake in the team.

Arrow McLaren SP will formally become part of the McLaren Racing organisation, which is also behind the iconic Formula 1 motor racing team.

The team will be governed by a five-person board, including three McLaren Racing appointees – Sam Schmidt, Ric Peterson and McLaren Racing chief exec Zak Brown.

Taylor Kiel, president of Arrow McLaren SP, will be responsible for “the overall operations and performance of the team” and will report to Brown.

Arrow McLaren SP finished third in the team standings for the 2021 IndyCar season, which ran from April to September.