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1 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Classifieds Jobs Autos Real Estate FEATURED » NEWS NOW States, federal agencies will seek removal of Klamath dams ... Ashland mulls two lanes through downtown ... Third man may hold key to motive in Phoenix slaying ... States, federal agencies will seek removal of Klamath dams ... Ashland mulls two lanes through downtown ... Third man may hold key to motive in Phoenix slaying ... Maria Sharapova is losing sponsorship deals worth tens of millions of dollars after her failed drug test (NKE) Comment By Lara O'Reilly MailTribune.com By Lara O'Reilly Posted Mar. 8, 2016 at 6:03 AM By Lara O'Reilly Posted Mar. 8, 2016 at 6:03 AM » Social News 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." 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. Getty Images 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. Tweet Embed: https://twitter.com/mims/statuses/707147176632254464 Avon not calling just yet it seems... Sharapova sponsor Avon: “We don’t have a statement to make at this moment in 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." NOW WATCH: Watch Maria Sharapova explain why she failed a drug test See Also: The Republican 'establishment' made Donald Trump's nomination possible The most lethal combat aircraft in the world just got more capable The gender pay gap is way overblown by the media � here are the real stats SEE ALSO: Former US tennis phenom rips Maria Sharapova over failed drug test By Lara O'Reilly MailTribune.com By Lara O'Reilly Posted Mar. 8, 2016 at 6:03 AM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Southern Oregon Directory Featured Businesses Loading... 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