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Pato O'Ward signs extension with Arrow McLaren ahead of the 2024 IndyCar season

Arrow McLaren officially announced a multiyear extension for Pato O'Ward, who is entering his fifth full season with the team.

Citing court documents in McLaren Racing’s lawsuit against Alex Palou, the Indy Star reported Wednesday that O'Ward's two-year extension will pay him $4 million in 2026 and $4.2 million in '27. It also includes an extra $2 million bonus in his current deal, which he signed in May 2022.

O'Ward, 24, has four victories and five pole positions in the NTT IndyCar Series. Despite going winless last season, he finished fourth in the 2023 championship with seven podiums (including four runner-up showings).

McLaren Racing named O'Ward the reserve driver for its Formula One team in 2024 after he earned an FIA super license last year.

"I've been seeing some news roaming around social media, and I'm here to confirm I'll be sporting these papaya colors for a few more years," O'Ward said in a video provided by the team. "It's really been a home for me. I'm focused and determined to win championships, win races, win Indy 500s with this wonderful group of people. I want to thank (team CEO) Zak (Brown), (team principal) Gavin (Brown), our amazing partners that truly allow us to do what we love day in, day out and go play race cars.

"We're coming off a really strong test at Sebring, really happy with what I've seen, all the work in the offseason. We're ready for this year. I'm sure it'll be filled with challenges and emotions, but that's what it's all for, so can't wait to get going. LEt's get it, 2024."

“This is a big day for the team and for Pato," Gavin Ward said in a team release. "It’s been great to see Pato and the team grow together. We’re thrilled to continue racing with him, and I look forward to showing the racing world what we can achieve as a group.

"Having this done and dusted before the start of the season means the No. 5 Arrow McLaren Chevrolet crew can go into the Grand Prix of St. Petersburg free from distraction and with one goal in mind: to execute each race weekend to the fullest of our potential.”