Maria Sharapova sponsors: Tag Heuer follow Nike and drop shamed tennis star after positive drug test

Sharapova and watchmaker's Tag Heuer were in talks to extend their contract but negotiations have been called off with immediate effect

Tag Heuer have announced they have ended their sponsorship of Maria Sharapova (Getty Images)

Watchmaker Tag Heuer have announced that they have dropped their sponsorship of Maria Sharapova after abandoning contract renewal talks following her admission of taking the prohibited performance enhancing drug meldonium.

Sportswear giants Nike have already announced that they have suspended their $70m deal with the 28-year-old tennis star, who is the highest paid female athlete in the world and has been for the past 11 years.

Tag Heuer’s announcement comes a few months after their previous agreement expired, but the watchmaker’s confirmed that talks had begun over a contract extension.

Those negotiations will now be abandoned as Sharapova awaits her punishment from the International Tennis Federation, with the expectation being that the Russian will be made to serve a one-year ban from competition. She has already been provisionally suspended effective from 12 March.

A statement from Tag Heuer read: "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, and has decided not to renew the contract with Ms Sharapova."

Sharapova earns a reported £21m-a-year from sponsorship and endorsements, prize money and income from her sweet company ‘Sugarpova’.

Nike earlier released a statement to admit they were "saddened and surprised by the news" and confirm that her lucrative contract had been suspended pending the investigation into her failed drug test.