Updated 9.06am
The sportswear giant Nike and watch manufacturer Tag Heuer have suspended Maria Sharapova after the Russian revealed on Monday evening she failed a drugs test at the Australian Open.
Sharapova signed an eight-year deal with Nike in 2010 worth $70million. She is currently the best-paid female athlete in the world, earning millions each year, both on and off the court.
In a statement released overnight by Nike, the company stated; "We are saddened and surprised by the news about Maria Sharapova. We have decided to suspend our relationship with Maria while the investigation continues. We will continue to monitor the situation."
#WTA CEO Steve Simon's statement in response to @MariaSharapova's announcement. pic.twitter.com/DhasT9Mrpo
— WTA (@WTA) March 7, 2016
Tag Heuer followed Nike's response by deciding not to renew their contract with Sharapova which runs out at the end of the year. "In view of the current situation, the Swiss watch brand has suspended negotiations, and has decided not to renew the contract with Mrs. Sharapova."
The five-time Grand Slam winner had endorsement deals with companies such as Porsche, Avon and Evian but none of them have commented on Monday evening's news.
Sharapova revealed that she failed a drugs test for Meldonium at the Australian Open after her quarter-final loss to Serena Williams. The drug was added to WADA's prohibited list at the start of 2016.
The 28-year-old will be provisionally suspended from the sport on March 12th.
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