- Brand has sponsored Verstappen for a decade
- “We have now won everything there is to win,” says CEO Ton van Veen
Dutch supermarket chain Jumbo has confirmed it will exit the motorsports sponsorship market once its current deals expire at the end of next year, withdrawing more than €20 million (US$21.3 million) in annual funding.
The company’s portfolio includes a tie-up with two-time Formula One world champion Max Verstappen.
New Jumbo chief executive Ton van Veen confirmed to Dutch newspaper AD that has said its deals would not be extended, though it would honour the existing commitments.
“We annually invest more than €20 million in sports sponsorship, but I can only spend every euro once. We cannot return that money to the customer, or invest it in sustainability or health,” van Veen told Dutch newspaper AD.
Jumbo’s sponsorship with the Red Bull driver has been in place for the last decade. Verstappen, 25, has won five of the opening seven Formula One Grands Prix this season and is already 53 points clear in the driver standings as he bids to capture a third consecutive world title.
Van Veen was previously chief financial officer at Jumbo before being promoted to chief executive in March after his predecessor Frits van Eerd stepped down when he became a suspect in a money laundering investigation.
It was confirmed earlier this year that the Dutch supermarket chain Jumbo would be ending the majority of its motorsport sponsorships following the launch of the investigation.
Van Eerd was arrested in September 2022 after questions were raised around his real estate transactions and automotive trades, as well as some of Jumbo's sponsorship deals in motocross.
The investigation found no wrongdoing on Jumbo's behalf, but the supermarket chain undertook an internal review of its motorsport sponsorships. In January there were no plans to end the partnership with Verstappen, with Van Veen saying Verstappen was the “exception” to its review. That is now no longer the case.
BlackBook says…
Jumbo’s departure will not affect Verstappen’s Formula One future but Van Veen’s explanation for pulling out of sports sponsorship is indicative of the broader trends in the space.
Jumbo’s annual revenue grew to €10.3 billion (US$11 billion) last year but it is clear from Van Veen’s comments that it wants to channel more cash into sustainability or health initiatives, which for whatever reason the brand does not feel aligns with motorsport.