Nike suspends partnership with Maria Sharapova following failed drug test

After her explosive revelation Monday that she tested positive for a banned substance during this year's Australian Open, Maria Sharapova's biggest corporate sponsor wasted little time in distancing itself from her.

Hours after Sharapova made her admission at a press conference, Nike announced it has suspended its partnership with the five-time Slam champion.

Sharapova signed an eight-year deal with Nike in 2010 for an estimated $70 million, the most lucrative endorsement contract ever signed by a female athlete. Her deal included a personal clothing line with the apparel giant.

"We are saddened and surprised by the news about Maria Sharapova," the company said in a statement. "We have decided to suspend our relationship with Maria while the investigation continues. We will continue to monitor the situation."

The language here is important, as Nike makes clear it hasn't terminated its endorsement of Sharapova. It's unclear at this time, though, what precondition would permit their partnership to resume.

Sharapova's failed test revealed that she had been taking Meldonium, an anti-ischemic drug that aids oxygen uptake and endurance. The world No. 7 professed to having taken the drug for the past 10 years, and insisted she wasn't aware it had been placed on the banned substance list on Jan. 1 of this year, a little more than two weeks before the start of the Australian Open.

"It made me healthy and that's why I continued to take it," she said.

Sharapova received a provisional ban, the length of which will be based on the findings of an investigation by the International Tennis Federation.