Maria Sharapova Loses More Sponsors After Taking Banned Substances

Maria Sharapova's staunch sponsors have started dissociating themselves from the tennis superstar after she admitted to failing a drug test earlier this year. Popular shoe brand Nike, German automobile manufacturer Porsche and Swiss watchmaker TAG Heuer have recently severed ties with the Russian athlete.

In a press statement shared to USA Today, Nike said it was caught off guard by Sharapova's admission. The company has suspended its partnership with the world number seven while anti-doping authorities continue to investigate her case.

Porsche outed a similar statement on Tuesday saying it has canceled its planned activities with Sharapova. The luxury car giant is now waiting for further details on the investigation so it can deliberate on the best course of action moving forward.

Meanwhile, TAG Heuer has decided it will not extend Sharapova's contract. In a statement sent out on Tuesday, the company said, "Maria Sharapova was under contract with TAG Heuer until Dec. 31, 2015. We had been in talks to extend our collaboration. In view of the current situation, the Swiss watch brand has suspended negotiations and has decided not to renew the contract."

The multi-million dollar breakups came after Sharapova announced on Monday that she failed an anti-doping test earlier this year. She explained that she had been taking the drug Meldonium for 10 years as prescribed by her doctors. Meldonium was just added to the banned list this January and Sharapova and her camp were oblivious to the change.

According to The Guardian, Meldonium is used to treat people with lack of blood flow to several parts of the body. The World Anti-Doping Agency banned the substance after it discovered that some athletes take more than the prescribed amounts of Meldonium to enhance performance.

The loss of big-name sponsors will prove to be costly for Sharapova. Reuters pointed out that the five-time Grand Slam winner got most of her 2015 earnings, which is approximately $30 million, from endorsements and royalties rather than from winning tennis matches.

Despite the controversy, Sharapova didn't fail to thank her supporters for their unyielding support. In a lengthy Facebook post, she expressed gratitude to her fans and said she plans to continue playing the sport that she loves.

Thank you note to my dear fans: https://t.co/SjIluGD2o7

— Maria Sharapova (@MariaSharapova) March 9, 2016