Porsche backed the world's highest-paid female athlete — then she tested positive

Maria Sharapova was the world's highest-paid female athlete for eleven consecutive years, earning $39.8 million in the year before her ban — the vast majority from endorsements, appearances and royalties rather than prize money. Porsche, Nike and TAG Heuer were among the brands that had built campaigns around her.

On 7 March 2016, Sharapova announced she had tested positive for meldonium at the Australian Open. Within 48 hours, Nike suspended its contract, saying it was 'saddened and surprised.' Porsche suspended all planned activities: 'Until more details are known and we can analyse the situation, we have decided to suspend planned activities.' TAG Heuer let its contract lapse and declined to renew.

Three major sponsors gone in two days. Sharapova's off-court career earnings stood at over $268 million; the endorsements that produced most of that figure were now liabilities for the brands that had signed them. The episode showed how quickly a single-athlete endorsement strategy can reverse when the athlete's reputation is the entire collateral.