[10][11] During the season, the BN Racing Indy Lights team was bought out by Henry Malukas.

[12][non-primary source needed] This led to the creation of HMD Motorsports while BN Racing continued to be a separate entity.

[6][13] HMD Motorsports, together with Global Racing Group fielded four cars to start the 2021 Indy Lights series season.

[2][3][14] Drivers included Benjamin Pedersen, Linus Lundqvist, Nikita Lastochkin, and David Malukas.

Exclusive Autosport, due to delaying its planned Indy Lights entry, sold their two cars to HMD/GRG.

[16][17] Malukas won Race 2 from pole at the Indy Lights Grand Prix of St.

[25] HMD partnered with Dale Coyne Racing for the 2022 Indy Lights series season.

Drivers included Christian Bogle, Danial Frost, Linus Lundqvist, and Manuel Sulaimán.

[26][27] The teams partnership continued with Global Racing Group, fielding driver Benjamin Pedersen.

[31] Serravalle would leave and be replaced by James Roe starting at Nashville, who also moved over from TJ Speed.