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Maria Sharapova's, the world's richest sportswoman, announced Monday that she had tested positive for Meldonium, a drug she said she had been taking since 2006 but was only added to the banned list this year. As a result, her multi-million dollar business empire has been plunged into turmoil as sponsors began severing ties with the Russian tennis star today a day after she admitted failing a drug test.
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Maria Sharapova's sponsors were quick to react with US sportswear giant Nike, German luxury car maker Porsche and Swiss watchmaker TAG Heuer all halting their relationship with the former world number one. The 28-year-old, whose rags-to-riches story was the stuff of Hollywood dreams, now risks a ban which could see her carefully constructed marketing strategy collapse. (Reuters)
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The holder of five Grand Slams and 35 WTA titles, the Russian who arrived penniless with her family in the United States, is as much a businesswoman as a sportswoman. Despite winning just two WTA titles in 2015 she was the highest paid sportswoman that year, earning USD 30 million mostly from advertising, according to American magazine Forbes. Her fortunes is estimated at USD 200 million. (Reuters)
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In a sign of what the affair could mean to Sharapova's mass of money-spinning endorsements, Nike said it was "saddened and surprised" by the news. "We have decided to suspend our relationship with Maria while the investigation continues," the US sportswear giant said. Swiss watchmaker TAG Heuer followed by confirming they would not be renewing their marketing contract with Sharapova. Porsche became the third big-name sponsor to distance themselves, stating "until more details are known and we can analyse the situation, we have decided to suspend planned activities (with Sharapova)".
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Sharapova tested positive for Meldonium, a drug she said she had been taking since 2006 but was only added to the banned list this year. "I did fail the test and I take full responsibility for it," Sharapova said at a press conference at a downtown Los Angeles hotel yesterday. "I made a huge mistake. I let my fans down. I let my sport down that I've been playing since the age of four that I love so deeply," added Sharapova, her voice wavering. "I know that with this, I face consequences and I don't want to end my career this way — and I really hope I will be given another chance to play this game."
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I got a 24-month suspension, but they (the ITF) wanted four years for me." (Reuters)
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