The deal, announced back in August, formalizes the IndyCar squad becoming part of the McLaren Racing organisation.

McLaren Racing CEO will chair a five-person board, which comprises the previous team owners, Sam Schmidt and Ric Peterson, along with three people appointed by McLaren Racing.

Taylor Kiel will continue as president of Arrow McLaren SP and according to the team statement will be “accountable to Brown and the board for the overall operations and performance of the team.”

As in August’s announcement, financial terms were not disclosed.

Since McLaren revealed its original partnership with the team formerly known as Arrow Schmidt Peterson Motorsports in the fall of 2019, results have taken an upswing. In 2020, Pato O’Ward took a pole position and four podium finishes on his way to fourth in the drivers’ championship, with then-teammate Oliver Askew scoring another top-three finish.

This year, O’Ward’s Arrow McLaren SP-Chevrolet chalked up two wins, three other podiums, three pole positions, and he moved up to third in the final standings, and entered the season finale in Long Beach with a shot at the drivers’ crown.

The McLaren marque has a rich history in Indy car, with McLaren-mounted drivers taking a total of 28 victories in the 1970s, including three Indianapolis 500 wins (Mark Donohue in 1972, Johnny Rutherford in ’74 and ’76) and two championships (Roger McCluskey in ’73, Tom Sneva in ’77). The works squad pulled out at the end of 1979 season.

Next month, O’Ward will take part in the Formula 1 test in Abu Dhabi driving a current McLaren MCL35M. Brown promised him the ride in April and it was confirmed last month that his outing at the Yas Marina circuit was going ahead.