Max Verstappen’s long-time sponsor from the last decade, Jumbo, have left the three-time World Champion, with the company’s chief executive having explained the reason why.
The Dutch supermarket chain have decided that now is the right time to split from the Red Bull driver, whilst they will also stop sponsoring the Dutch Grand Prix at the end of their deal.
Whilst losing Jumbo might disappoint Verstappen, it won’t cause him much if any financial distress, considering he has major deals with Heineken, Viaplay and EA Sports.
Jumbo have remarkably decided to pull out of all of their sport sponsorships, with current chief executive Tom van Veen revealing that this will allow them to “lower prices”.
This is because they won’t be putting “tens of millions” into their sponsorship deals, meaning they’ll save significant money.
“In recent years, Jumbo has lost its focus somewhat,” Van Veen told Dutch publication De Volkskrant.
“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.”
Van Veen took over as Jumbo’s chief executive after Frits van Eerd stepped down in October 2022, following a money laundering investigation which he was a suspect in.
The Jumbo logo has typically been seen on the front of Verstappen’s helmet, with it yet to be seen what’ll replace it.
Verstappen is pursuing his fourth consecutive Drivers’ Championship in 2024, which’ll see him match Sebastian Vettel and Alain Prost as a four-time World Champion.
As well as that, the 54-time race winner will be hoping to further reduce the gap to Lewis Hamilton’s record-breaking 103 wins, something which is looking increasingly reachable for the 26-year-old.