Red Bull and Max Verstappen set to lose major F1 sponsor over money laundering investigations

F1 Grand Prix of Abu Dhabi - Previews
Max Verstappen of the Netherlands and Oracle Red Bull Racing is presented with the DHL Fastest Lap award during previews ahead of the F1 Grand Prix of Abu Dhabi at Yas Marina Circuit on November 17, 2022, in Abu Dhabi, United Arab Emirates. (Photo by Mark Thompson/Getty Images)

One of Red Bull and Max Verstappen's major sponsors, Jumbo, recently announced that they will be ending most of their motorsport sponsorships. The Dutch supermarket chain has recently been charged with money laundering allegations following which Red Bull could lose a significant amount of financial support in the future.

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In September 2022, Jumbo's CEO, Frits van Eerd, was arrested after the Dutch Public Prosecution Service investigated a case of money laundering. According to reports, laundering was carried out through real estate transactions, automotive sales, and other sponsorships in Motocross.

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Though Jumbo has withdrawn its sponsorships from most motorsport teams, a company spokesperson reported that they will continue to sponsor Max Verstappen. The supermarket giant didn't give any further explanation as to why they were terminating all their motorsport sponsorships except Verstappen's.

Since Red Bull has already paid a hefty fine to the FIA for exceeding its budget in the 2021 F1 season, Jumbo's decision to remove all motorsport sponsorships will further affect the team. Moreover, it will hardly have any time to test its 2023 cars in the wind tunnel. Red Bull might struggle quite a lot next season due to all these reasons.

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Red Bull team principal shares plan to tackle less wind tunnel time for 2023 F1 season

Earlier in 2022, the FIA investigated and found that Red Bull went over the cost cap during the 2021 F1 season. Hence, the Austrian team was heavily penalized by F1's governing body. One of the punishments was a 10% reduction in wind tunnel testing time for the next season. Team principal Christian Horner recently spoke about how the team has to be quite efficient in developing the car.

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Speaking to GPFans, the Red Bull boss said:

“Of course, it will have an effect. It is constricting your development tools. It just means we will have to think smarter and be more selective in what we test and run, but we just need to adapt. What we have lost in wind tunnel time, we have gained in motivation, and I think that we have just got to get on with it, get our heads down and do the very best job that we can.”
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He further added:

“You can’t be greedy. Every single run counts and it has even more of a factor when you think we have potentially 20 percent less than Mercedes, for example, in wind tunnel time. That is a significant amount, but if any team can cope with it, we can.”

Despite having the least amount of time in the wind tunnel, Christian Horner is confident that his team will pull through and create a decent car for the 2023 F1 season. The Austrian outfit, however, will go through a tough phase in the future due to several reasons like Jumbo terminating its sponsorship and not having a strong engine manufacturer after 2024.

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Edited by Anurag C
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