Maria Sharapova News: Tennis Queen Fails Drug Test; Nike, TAG Heuer and Porsche Endorsement Deals Off

Tennis champion Maria Sharapova, who has had a lucrative run as an endorser for products in and outside the sporting world, failed a recent drug test for the Australian Open. Just a few hours after the failed drug test news came out, Maria Sharapova lost her endorsement deals with current sponsors Nike, TAG Heuer and Porsche.

Nike, which recently distanced itself from international boxing champion Manny Pacquiao over controversies on homosexuality, now turned the faucet off for Maria Sharapova. Nike has been using Maria Sharapova as one of its poster girls since 2008. According to Gossip Cop, Maria Sharapova earned more from her endorsement deals than she has a tennis champion. This includes the $70 million contract that Maria Sharapova has with Nike.

"We are saddened and surprised by the news about Maria Sharapova," Nike stated. The agreement between Nike and Maria Sharapova has been suspended until investigations by the International Tennis Federation are concluded.

Talks on renewing the endorsement contract between Maria Sharapova and TAG Heuer also fell through following the drug test announcement. Similarly, Porsche has decided to distance itself from Maria Sharapova.

The drug in question is Meldonium. Maria Sharapova has been using Meldonium to counteract magnesium deficiency and as a measure against the onset of diabetes, which has been part of Sharapova's family history.

Meldonium only became part of the ban list by the World Anti-Doping Agency on January 1, 2016. Meldonium was banned when it was confirmed as a performance enhancing drug. Maria Sharapova did not read the December notice about the new ban list and continued using Meldonium until the Australian Open.

The Guardian reports that despite the stance Nike, TAG Heuer and Porsche took not everyone has turned their back on Maria Sharapova. Avon has not yet commented while Evian is withholding judgment on the incident. Russian Shamil Tarpischev thinks the drug test is nothing more than nonsense and expects Maria Sharapova to show up at the 2016 Olympics in Brazil.

"The sportsmen take what they are given by the physiotherapists and by the doctors," Tarpischev said. "I think Sharapova will play at the Olympics. However, we will need to see how this will develop."

#VanityFair #Oscars pic.twitter.com/EkwyPJMSNZ

— Maria Sharapova (@MariaSharapova) February 29, 2016

As of 2015, Maria Sharapova is at the top of Forbes' list as the world's highest-paid female athlete. Maria Sharapova addressed the incident and acknowledged the disappointment of the fans and people who counted on her. An eventual return to tennis remains a hope for Maria Sharapova.