Sponsors drop Sharapova after doping revelation
NEW YORK -- Big name sponsors are dropping Maria Sharapova, the first tennis superstar to face a long suspension for doping.
The five-time grand slam winner shocked the tennis world Monday with her announcement that she had tested positive in January for using a banned substance.
"I made a huge mistake and I've let my fans down. I've let this sport down," she said at a press conference after the revelation.
The drug she used, meldonium, is a heart medicine which improves blood flow and was originally given to Soviet troops in the 1980s to boost stamina during the Afghan war. It was banned by the world anti-doping agency in January 2016 for enhancing endurance and oxygen intake. The drug is not approved by the FDA.
Sharapova said she had been taking the drug since 2006 for low magnesium, heart issues and to prevent diabetes. Four other international athletes have been caught using the drug in the last two months.
Sharapova is the world's highest paid female athlete. And of the $29 million she made last year, $23 million were in endorsements. Three of her main sponsors, Nike, Tag Heuer and Porsche said they are all cutting off lucrative deals with the star.
"...The fact they have taken this very aggressive stance, not a wait and see, lets wait to the appeals process is through, within hours they are distancing themselves from a client, that sends a very powerful message," said Sports Illustrated's Jon Wertheim.
Despite the controversy, Serena Williams is standing by her fellow athlete.
"I think most people were surprised and shocked by Maria but at the same time I think most people were happy that she was upfront and very honest to admit what she had done," said Williams.
Sharapova is facing up to a four-year ban. Her best shot for getting it reduced is if her legal team can prove she needed to take the drug for medical purposes.