Nike, Porsche Cut Ties With Sharapova

Nike announced Monday it was suspending its relationship with tennis star Maria Sharapova just hours after the world’s highest paid female athlete announced she failed a drug test at the Australian Open in January. Sharapova said she took “full responsibility” for using meldonium, a substance banned by the World Anti-Doping Agency. The 28-year-old career Grand Slam winner said she took the medication to treat a magnesium deficiency and a family history of diabetes. Watchmaker Tag Heuer, which has had a deal with Sharapova for nearly a dozen years, said it had stopped negotiations with the tennis player, whose previous contract had ended in December. Porsche hopped on the bandwagon, saying it has also decided to “postpone planned activities” until a final decision is made about her punishment. Other endorsements for the world’s former No.1 player included deals with Avon and Evian. Until now, Sharapova reportedly brought in about $30 million per year in endorsements, mostly from Nike.