Dutch supermarket chain Jumbo was one of Max Verstappen's first major sponsors in Formula 3, with their logo's appearing on his helmet throughout is career.
But now they have withdrew from sports sponsorship completely, according to Chief Executive Officer of the company Ton van Veen.
It comes after former CEO Frits van Eerd stepped down in October 2022, following an investigation into money laundering.
This case also concerns their activity in motorsport, however Jumbo's withdrawal as a sponsor for Verstappen is unrelated according to Van Veen.
“Max is a folk hero, of course, but he acts on the absolute world stage,” he tells Dutch newspaper Algemeen Dagblad.
"We are a very good food retailer, but only in the Netherlands and a bit in Belgium. We invest more than 20 million euros in sports sponsorship every year, but I can only spend every euro once. We cannot return the money that goes to Max to the customer, or put it into sustainability or health."
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Jumbo is also a major sponsor for the Dutch Grand Prix and has said that backing for the race will also stop as part of the cuts to sponsorship.
The supermarket chain will also stop sponsorship for its cycling team, Jumbo-Visma, according to Van Veen.
He added: "We don't want anything to do with motorsport and suspicions. With Max Verstappen and Jumbo-Visma we stop for a completely different reason. That sponsorship has brought us a lot of brand awareness, but we have now won everything there is to be won."
Max Verstappen's Manager, Raymond Vermeulen, says the team was "grateful" for the support over the last ten years.
"The Van Eerd and Jumbo family have supported Max from day one. That could certainly be called very unique at the time. We look back on a fantastic collaboration," he told De Telegraaf.
"After ten years, it's not at all strange to recalibate the matter. Above all, we are very grateful and look back on all these years with great pleasure. This year we can hopefully get a third world title together and close it with a bang."