McLaren Racing has confirmed that it has completed the agreement to acquire the majority shareholding in the Arrow McLaren SP IndyCar team by the end of the year.

The conclusion of the agreement means that McLaren Racing will become the majority shareholder in the team with a controlling 75% stake, with Arrow McLaren SP to formally be part of the McLaren Racing organization.

The team will be governed by a five-person board, comprising 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 and performance of the team.

Financial terms of the deal were not disclosed.

This season Pato O’Ward won two races, three more podiums, three poles, and finished 3rd in the championship behind Alex Palou and Josef Newgarden. Felix Rosenqvist missed two races during the season but led 14 laps in the Indianapolis 500 in the No. 7 Chevrolet. Both drivers will be returning full-time next season, with a possible third entry popping up at select races.

The team has two more items on their agenda before the end of the year. Former McLaren Formula One driver Stoffel Vandoorne will test with the team on December 6 at Sebring International Raceway. Nico Hulkenberg tested with the team in Barber at the end of October. Also, O’Ward will take part in the Formula One test in Abu Dhabi driving a current McLaren MCL35M car.