McLaren Racing has agreed to take a 75% stake in the Arrow McLaren SP IndyCar team after making a full-time return to the US-based series last year, the company said on Sunday.
McLaren Racing, which also competes in Formula One and is to enter a team in the electric off-road Extreme E championship, added in a statement that the transaction will close by the end of the year.
Financial terms were not disclosed.
The announcement was made ahead of the inaugural IndyCar race in Nashville, Tennessee.
McLaren returned to IndyCar after a 40-year absence and is halfway through the second season of a partnership with Schmidt Peterson Motorsports.
Current drivers are Mexican Pato O'Ward and Sweden's Felix Rosenqvist.
The IndyCar team's board will have three McLaren Racing appointees together with co-owners Sam Schmidt and Ric Peterson, and will be chaired by McLaren Racing CEO Zak Brown.
“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,” said Brown. “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,” added the American.
The US is a major market for British sports car maker McLaren, part of the overall McLaren Group.
Just R20 for the first month. Support independent journalism by subscribing to our digital news package. 