INDIANAPOLIS – McLaren Racing officials announced Monday that the organization has completed the agreement to acquire a majority stake in the Arrow McLaren SP NTT IndyCar Series team.
The conclusion of the agreement, which was announced in August, means that McLaren Racing will become the majority shareholder in the team with a controlling 75 percent stake. Arrow McLaren SP will now become a part of the McLaren Racing organization.
The team will be governed by a five-person board, comprised of three McLaren Racing appointees, Sam Schmidt and Ric Peterson and will be chaired by McLaren Racing CEO Zak Brown.
Taylor Kiel, president of Arrow McLaren SP, will be accountable to Brown and the board for the overall operations for the performance of the team.
Financial terms of the deal were not disclosed.Â