Porsche follows Nike, Tag Heuer in cutting ties with Sharapova

Nike and TAG Heuer have become the first major sponsors to cut ties with Maria Sharapova after the tennis star revealed she had tested positive for the banned substance meldonium.
The five-time Grand Slam winner announced on Monday that she failed the drug test after she was knocked out of the Australian Open in January. She has been provisionally suspended from the sport by the International Tennis Federation.
Nike, Sharapova’s most high-profile sponsor, said it would be suspending their relationship. “We are saddened and surprised by the news about Maria Sharapova,” the sports brand said in a statement. “We have decided to suspend our relationship with Maria while the investigation continues. We will continue to monitor the situation.”
Swiss luxury watchmaker TAG Heuer, which has had a relationship with Sharapova since 2004, said it had stopped negotiations with the tennis player, whose previous contract had ended on December 31.
“We had been in talks to extend our collaboration,” a spokeswoman said. “In view of the current situation, the brand has decided not to renew the contract with Sharapova.”
German luxury car manufacturers Porsche yesterday became the third big-name sponsor to distance themselves from Sharapova. “We regret the news about Maria Sharapova. Until more details are known and we can analyse the situation, we have decided to suspend planned activities (with her),” said Porsche in a statement.
The 28-year-old Sharapova, who has won five Grand Slam titles in her career, signed a three-year deal to be brand ambassador for Porsche in April 2013. The Russian also won the WTA indoor tournament in Stuttgart, which is sponsored by the car manufacturers, in 2012, 2013 and 2014, with the champion driving off in a brand-new sports car.
In 2015, Forbes estimated that the tennis player, the world’s highest-paid female athlete for the 11th year running, had earned £16m in endorsements. Her lucrative eight-year contract with Nike was signed in 2010 and was worth almost £50mn.
Other endorsements for the former world number one include a three-year deal with Porsche, Avon, Evian and Head tennis rackets.
The star also owns her own high-end gummy sweet brand, Sugarpova, launched in 2012 and now sold in 22 countries, and had plans to launch chocolate in a collaboration with Baron Chocolates this year.
Russia’s tennis chief Shamil Tarpischev called Sharapova’s failed drug test “a load of nonsense” and said he expected she would still compete at the 2016 Olympics in Brazil this summer. “The sportsmen take what they are given by the physiotherapists and by the doctors,” he said. “I think Sharapova will play at the Olympics, however, we will need to see how this will develop.”
Russia is currently barred from international competition after a major doping scandal involving its athletes last year, but hopes to meet anti-doping standards set by the International Association of Athletics Federations in time for the Olympics, though many international observers believe this is unrealistic.
Sharapova has also said she hoped she could eventually return to the sport, despite being plagued by injuries. “I let my fans down, I let the sport down that I have been playing since the age of four and I love so deeply,” she said at the press conference. “I know with this I face consequences. I don’t want to end my career this way and I really hope I will be given another chance to play this game,” she added.