Sponsors drop drug-user Maria Sharapova: She loses $70m Nike deal and axed by TAG Heuer

Several sponsors have dropped Russian tennis star Maria Sharapova after she admitted she had tested positive for a banned substance at January's Australian Open

The five-times Grand Slam champion dropped the bombshell at a press conference at a Los Angeles hotel, confessing she had been found to have taken Mildronate – or Meldonium – which was prohibited from January 1 this year. 

Just hours later, the 28-year-old lost her most lucrative deal - an eight-year contract extended in 2010 for a reported $70million with sportswear brand Nike, where she has her own clothing line.

Swiss watch brand TAG Heuer followed suit, saying that its contract with Sharapova had expired at the end of 2015 and it has pulled out of negotiations on a new agreement.

Another one of her major partners, Porsche, said that while they are 'certainly not dumping' Sharapova, they are currently 'not pursuing any further activities' with her.

The Inteational Tennis Federation has confirmed the star will be provisionally suspended from the sport from March 12, however, despite this, the president of the Russian Tennis Federation has said he expects Sharapova to play in the Olympics in Brazil in August this year.  

In a statement on Monday night, Nike said: '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.'

Sharapova eas $30million a year in endorsements, according to Forbes. Current endorsements include American Express, Avon, Evian, Porsche.