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Maria Sharapova could lose millions in endorsements

Maria Sharapova could lose millions in endorsements

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Sponsors are speeding away from Maria Sharapova faster than the Porsche she used to push.

The automaker, along with Nike and Swiss timepiece manufacturer TAG Heuer, all announced Monday that they were re-evaluating their relationships with the five-time Grand Slam champ.

Sharapova signed an eight-year, $70 million deal with Nike in 2010, and the company said Monday night that they would be suspending that partnership pending the outcome of an investigation into her failed drug test. Sharapova tested positive for Meldonium while competing in the Australian Open. The Russian star said that she has taken the medication for the better part of a decade to deal with a magnesium deficiency. But anti-doping experts say the drug helps stamina and endurance by increasing oxygen intake; the World Anti-Doping agency just added it to its list of banned substances on Jan. 1, 2016.

“We are saddened and surprised by the news about Maria Sharapova,” Nike’s statement reads. “We have decided to suspend our relationship with Maria while the investigation continues. We will continue to monitor the situation.”

WHAT IS MELDONIUM?

TAG Heuer said that its contract with Sharapova expired at the end of 2015, and while the two sides were working towards a new deal, the clock has stopped ticking on those negotiations.

In view of the current situation, the Swiss watch brand has suspended negotiations and has decided not to renew the contract,” the watchmaker said in a statement.

Porsche, which signed a three-year deal with Sharapova in 2013, said in a statement Tuesday that it has “chosen to postpone planned activities” with Sharapova “until further details are released and we can analyze the situation.”

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Hottest players at Wimbledon: Maria Sharapova.Gustavo Caballero/Getty Images

Maria Sharapova became a brand ambassador for Porsche in 2013.

In addition to those business partners, Sharapova also has deals with Head, Evian and Cole Haan, among others. So far, those companies have not commented on Sharapova’s status as an endorser. She also has her own candy line, Sugarpova.

Sharapova is thought to be the world’s highest-paid female athlete due to endorsement deals and her extensive business ventures, including a high-profile candy line, Sugarpova. Forbes estimated her earnings at $29.5 million for 2015.

With News Wire Service

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maria sharapova ,
tennis ,
peds ,
nike ,
porsche

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