Max Verstappen’s long-term sponsor, with $11 billion revenue a year, spills the beans on cutting ties with the F1 champion

Dutch supermarket chain Jumbo ended its ties with Max Verstappen at the end of 2023.

Max Verstappen’s long-term sponsor, with $11 billion revenue a year, spills the beans on cutting ties with the F1 champion

Max Verstappen (via IMAGO).

Max Verstappen has solidified his place as an all-time F1 great. The Dutch driver achieved historic success in the sport last season as he won a record-breaking nineteen races. However, fans were surprised to hear that the Red Bull driver lost a major sponsor in 2023 despite his recent success. Now, Verstappen’s long-term sponsor Jumbo has explained the reason for this decision.

Jumbo is a Dutch supermarket chain. The brand has supported Max Verstappen since his junior days. Subsequently, the 26-year-old has shared a great relationship with the organization. However, Jumbo had announced that it would not continue with Verstappen in 2024.

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Ton van Veen, the Chief Executive of Jumbo admitted that it was important to see if an athlete’s success can help build a brand’s image and boost sales. However, van Veen mentioned that Jumbo was not even the biggest supermarket chain in Holland. As such, Verstappen’s success in F1 did not justify the high costs of sponsoring the Red Bull driver.

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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.
Ton van Veen told De Volkskrant

Formula 1 is a global sport that is ideal for brands looking to have a strong presence across the world. However, Jumbo remains focused on a single country and as such didn’t need such an expensive campaign. However, it must be noted that the Dutch chain is a major business with around $11 billion in revenue last year.

Max Verstappen was the highest-paid F1 driver in 2023

The 26-year-old is one of the biggest names on the grid. It is thus no surprise that Verstappen has earned millions of dollars during his time at Red Bull. The Dutch driver is currently under a lucrative contract with Milton Keynes which sees him race for the Austrian team till at least 2028.

Max Verstappen winning the Las Vegas GP.
Max Verstappen winning the Las Vegas GP (via IMAGO)

In 2023, Max Verstappen reportedly earned a staggering $70 million for his historic title campaign. The Dutch driver received $45 million as his base salary from Red Bull. Moreover, the three-time world champion gained $25 million from bonuses as he went on to shatter multiple records last year.

Certainly, Max Verstappen has earned himself a significant fortune over the years. Despite losing Jumbo, the Dutch driver still possesses some big brand endorsements. Additionally, brands are always eager to sponsor the three-time world champion. Although, it remains to be seen if Verstappen can maintain his star status with another incredible season in 2024.

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