The doping investigation has not yet reached a final conclusion, but has put tennis star Maria Sharapova at risk of losing tens of millions of dollars in advertising money with brands like Nike, Porsche or TAG Heuer.
Earlier this week, Sharapova said she was found positive for meldonium, a banned substance in sports competition. She admitted that she had used it since early 2016 for health reasons, and did not know that this substance had been declared a banned substance by the International Anti-Doping Agency (WADA) in January.
After the above news, many brands had to stop advertising contracts with the Russian tennis star. “We are saddened and surprised to hear the news about Maria Sharapova. We have decided to stop working with Maria while the investigation is conducted,” Nike said in a statement.
Nike has an entire line of tennis apparel named after Sharapova. The value of her current 8-year contract with Nike is said to be up to 70 million USD.
Porsche, a subsidiary of Volkswagen, also said it would stop all sponsorship activities for Sharapova. Swiss watch company TAG Heuer – part of LVMH Group – made a similar move when it stopped negotiating to extend sponsorship with this tennis star. The current contract is expected to end in December.
The International Tennis Federation said it would ban Sharapova from participating in tournaments during the “trial of the case”. The usual penalty for a first offense is a 2-year ban.
Meldonium has the effect of increasing blood circulation and is often used in cardiovascular treatment. It also helps improve the patient’s mood, making them more active. Sharapova said she took meldonium due to magnesium deficiency and abnormal EKG readings, signaling a heart-related problem. Her family also has a history of diabetes.
The 28-year-old Russian star is the latest case of famous athletes causing headaches for Nike. Last month, this company terminated the contract with boxer Manny Pacquiao (Philippines) because of offensive comments about gay people.
Before that, Nike also had to say goodbye to many other stars involved in scandals such as Oscar Pistorius and Lance Armstrong. However, the company continues to cooperate with golfer Tiger Woods after a scandal related to infidelity.