Dutch supermarket group Jumbo is to stop sponsoring Formula 1 racing driver Max Verstappen at the end of this season and will ditch its sponsorship of the Zandvoort Grand Prix, director Ton van Veen has told the AD.

Earlier broadcaster NOS reported that Jumbo is to stop sponsoring cycling and speed skating at the end of 2024.

The move is part of Van Veen’s new strategy on sponsorship, which involves ditching top-level sport and “going back to basics”. Jumbo has sponsored Verstappen for 10 years, and skating and cycling since 2015. 

“Max is the people’s hero and races on the world stage,” Van Veen told the paper. “We are a good food retailer but only in the Netherlands, and a bit in Belgium. We put more than €20 million a year into sponsoring sport but I can only spend each euro once. Money that goes to Max cannot go back to our customers, or be invested in sustainability and health.”

Jumbo stopped sponsoring motocross last year, after the then-CEO was arrested in an investigation into money laundering involving the motor sport. 

Van Veen also said that Jumbo had broken ties with the advertising agency which caused consternation with an advert featuring dancing building workers during the Qatar World Cup.