The decision of Jumbo, a supermarket chain, to stop sponsoring Formula One World Champion Max Verstappen has been clarified by CEO Tonne van Veen.
Though Jumbo has always backed Max Verstappen, the three-time world champion is going to be missed. Jumbo is also quitting ice skating and cycling as well as sponsoring the F1 Dutch Grand Prix at Zandvoort.
After former Jumbo CEO Frits van Eerd resigned due to money laundering allegations, Van Veen took over as leader, marking a change in strategy.
Sponsorship in sports doesn’t “fit” Jumbo
As Van Veen said in an interview with the Dutch newspaper De Volkskrant, the choice represents a reassessment of resource allocation in the new leadership age at Jumbo.
“Jumbo has lost some of its focus in recent years,” he remarked.
The formula hasn’t necessarily been reinforced by the addition of a lot of activities. We’ve started sponsoring sports very actively as well.
However, one must consider whether that is appropriate for us while considering the achievements of teams and players. World champion Max Verstappen is. Not the largest, though; we are a Dutch supermarket chain. We don’t have much business on the global stage.
That implies that instead of investing tens of millions in sports sponsorship, we now use the money to cut costs. That is Jumbo’s essence in its intended form.