END OF CAREER? SHARAPOVA LOSING SPONSORSHIP DEALS WORTH TENS OF MILLIONS OF DOLLARS AFTER FAILING DRUG TEST

Maria Sharapova Courtesy: Getty Images

Maria Sharapova's sponsors are quickly distancing themselves from the tennis star after after she said she tested positive for the recently banned drug meldonium.

Nike was first to suspend its deal with the Russian athlete. That deal was worth at least $12.5 million a year, her most lucrative contract.

UK-based sports marketing and sponsorship consultant Nigel Currie told Business Insider the deal was worth an estimated $100 million over eight years — Nike's biggest deal for a female athlete. There were most likely bonuses tied into the deal too, though no details on these have been published.

Sharapova is the world's highest-paid female athlete, earning $29.7 million in prize money and endorsements between June 2014 and June 2015, according to Forbes.

In a statement, 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 continue to monitor the situation."

The Swiss watchmaker TAG Heuer announced it would not renew its deal with the 28-year-old.

A TAG Heuer representative sent Business Insider this statement: ""Maria Sharapova was under contract with Tag Heuer until December 31th, 2015. We had been in talks to extend our collaboration. In view of the current situation, the Swiss watch brand has suspended negotiations."

The relationship had gone back since 2004.

Porsche announced on Tuesday it was also suspending its deal.

In a statement sent to Sky Sports, Porsche said: "We are saddened by the recent news announced by Maria Sharapova. Until further details are released and we can analyze the situation, we have chosen to postpone planned activities."

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