Max Verstappen may well have enjoyed one of the best seasons ever by an F1 driver, but a long-term partner has finally decided to pull the plug on their sponsorship deal with the Dutchman.
Verstappen won a staggering 19 out of 22 Grand Prix over 2023, and while this may have suggested that he would be the hottest property in the sport currently, it has not stopped long-term partners Jumbo to exit the deal.
Jumbo’s chief executive Ton van Veen discussed why the supermarket chain felt there was no value in continuing its association with the three-time world champion.
The retailer has also decided to end its deal with F1’s Dutch Grand Prix at Zandvoort and involvement in other ice skating and cycling events.
Money laundering investigations led to the departure of former Jumbo CEO Frits van Eerd and the company seems to have identified these sporting events as unnecessary for future involvement.
Resource allocation is now set to be reallocated as Jumbo looks to push the past behind and step into a new era of management.
“In recent years, Jumbo has lost its focus somewhat,” he said.
“We have added a number of activities that have not necessarily strengthened the formula. We have also become very active in sports sponsorship.
“But when you look at the successes of athletes and teams, you have to ask yourself if that suits us. Max Verstappen is a world champion. But we are a Dutch supermarket company, not even the biggest. On the world stage, we don’t have much business.
“That means we no longer put tens of millions into sports sponsorship, but use it to lower prices. That is the essence of Jumbo as it was meant to be.”
Read more: Sergio Perez inches towards race ban to offer potential replacement entry route