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 31[st,] 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.”
Sponsors now react immediately to athlete scandals
In recent years, sponsors have reacted much quicker to athlete scandals than they used to, Currie said.
“A few years ago, sponsors would have said and done nothing until the dust had settled and the story had died down,” Currie said. “Now they react immediately and almost add fuel to the story. Huge decision for them. The deal with Nike is the biggest for a female athlete, and it is likely that some of her other sponsors will review their agreement with her.”
Tim Crow, CEO of the London-based sponsorship agency Synergy, told Business Insider the sponsors had made a “very smart move.”
“Reputationally they have put down a very quick marker, and because it’s a suspension — not a termination — they can watch it play out and then make a definitive decision either way,” he said.
Sharapova also has endorsement deals with Avon, Evian, and American Express which have yet to respond about whether they will be terminating or suspending their relationships with the tennis player.
An Avon spokesperson told Business Insider: “We are not going to comment at this time.”
On Monday night, Sharapova held an emotional news conference in Los Angeles in which she said she failed a drug test at the Australian Open in January, where she lost to Serena Williams in the quarterfinals.
Sharapova said she had been taking meldonium since 2006 because of a variety of health concerns, including the possibility she may have diabetes because it runs in her family.
The drug is used to treat cardiac issues and can increase endurance, according to the Independent. The World Anti-Doping Agency added meldonium to its list of banned substances at the start of 2016, but Sharapova said she failed to read the update.
“I made a huge mistake,” the five-time Grand Slam winner said at the press conference. “I let my fans down and I let the sport down. I take full responsibility for it. I know that with this I face consequences, and I don’t want to end my career this way.”
Bloomberg reported on Monday evening that the positive drug test could cost Sharapova the $298,000 prize money she won at the Australian Open in January, plus her place at the Rio 2016 Olympic Games.
This article was originally published on Business Insider. Copyright 2016.
