The financial implications from Maria Sharapova’s failed doping test, have already become apparent, as several companies are cutting ties with the tennis star.
Shortly after news of the announcement broke, athletic apparel giant, Nike suspended the 8 year/ $70 million deal that included a clothing line, which was extended in 2010. In a statement released last night, the company had this to say:
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
Watchmaker Tag Hauer pulled out of negotiations to renew a contract that expired at the year. German auto maker Porsche stated although they were cutting ties with Sharapova, they would not be “pursuing any further activities” with her.
As of the writing of this, Sharapova endorsement suite still includes American Express, Avon, Evian, and Porsche.