Max Verstappen is very popular in the Netherlands and Belgium. Although he races under the Dutch flag, he was born in Belgium. In 2018, Max Verstappen signed his first Sponsorship deal with a supermarket chain.
Max Verstappen signed a sponsorship deal with the supermarket chain, Jumbo Supermarkten. Jumbo Supermarkten has stores all around the Netherlands and some parts of Belgium. The chain has not yet gone global and is currently only concentrating on these two countries.
A special helmet to honor my first sponsor in my first steps in autosport. A partner who has supported me to this day. Thank you @JumboSupermarkt for always believing in me! #keeppushing #proudpartner #Jumbo #AustrianGP pic.twitter.com/LdoaWbmLQz
— Max Verstappen (@Max33Verstappen) June 29, 2018
Jumbo was paying Max Verstappen millions of dollars every year. It has been reported that Verstappen received roughly $1.5 million annually from the deal. Including Max Verstappen’s salary and sponsorships, the 2 time Champion earns around $50 million each year. This is set to go down after Jumbo Supermarkten decided to close the tap on Verstappen.
Why is Jumbo Supermarkten not sponsoring Max Verstappen?
The Jumbo Supermarket chain recently had a money laundering scandal involving its CEO, Frits van Eerd. Van Eerd has since been arrested and replaced by Ton van Veen. The new CEO has decided not to extend any of the sponsorship involving sports of any kind.
Since 2018, Max Verstappen’s value has sky-rocketed. Max Verstappen has won 2 World Championships and is on his way to winning his 3rd. His personal value is only going to improve given his young age.
Given the star’s rapid increase in value, it does not make sense for Jumbo Supermarkten to continue paying him. Jumbo Supermarktenis a company not looking to expand outside of Belgium and Netherlands at the moment. Max Verstappen’s fame, however, is increasing by the week. He is a global superstar which will attract more zeros from global companies.
Jumbo ends all sports sponsorship.
Supermarket chain ends sponsorship Max Verstappen and F1 after this season.
Cycling (& skating) sponsorship contract has another year. Jumbo is open to ending that one year early if a new sponsor is found for 2024. https://t.co/jaZZFNwgrT
— José Been (@JoseBeenTV) June 2, 2023
Jumbo Supermarkten will be unable to match offers from global companies. For a company that is only present in 2 countries, it does not make sense for them to pay high amounts for sponsorships. Jumbo Supermarkten will now be focusing on smaller athletes who are famous in the Netherlands and Belgium.
Max Verstappen will have no problems in looking for a new sponsor. Global supermarket chains will be lining up to have Max Verstappen as their Brand Ambassador from 2024.
The loss of the sponsor will leave Verstappen unfazed as he will have no problem in finding a new sponsor who will offer him more money than Jumbo Supermarkten could have even thought about.