The first-ever Music City Grand Prix took place over the weekend, but it wasn’t the only IndyCar news making headlines.
On Sunday, McLaren Racing announced it has entered an agreement to acquire a 75% stake in the Arrow McLaren SP IndyCar team. Financial terms were not disclosed
McLaren entered a strategic partnership with the Arrow Schmidt Peterson Motorsports team last year after a 40-year hiatus from participating in the sport full-time. Pato O’Ward and Felix Rosenqvist make up the team’s roster.
McLaren has made several significant moves after facing financial issues last year.
- Last week, McLaren agreed to sell its Applied Technology division to Greybull Capital, reportedly in order to free up money for its supercar and motorsports divisions.
- In Q1, it completed a $261 million strategic investment in McLaren Racing to fully fund its teams through 2023.
- In June, the company announced it would compete in Extreme E, an electric vehicle racing series that tours remote locations.
McLaren also announced two funding rounds in July, one worth $760 million and the other worth $620 million.
Set to close by the end of the calendar year, the IndyCar deal will appoint a new board to govern the team, including team founder Sam Schmidt, co-owner Ric Peterson, and McLaren Racing chief executive Zak Brown.