How much a failed test could cost Sharapova

Sports rights will be valuable over long run: Expert
Sports rights will be valuable over long run: Expert

Porsche has joined Nike and Swiss watch brand Tag Heuer in suspending or postponing ties with Tennis star Maria Sharapova.

Nike was first to announce it was distancing itself from the world's highest paid female athlete after she admitted to a failed a drug test at the Australian Open.

The Russian, 28, tested positive for meldonium, a substance she said she has been taking since 2006 for health issues.

Including sales of branded clothes, the sponsorship deal signed with Nike in 2010 is reported by the BBC as worth more than $100 million dollars.

Tennis player Maria Sharapova addresses the media regarding a failed drug test at the Australian Open at The LA Hotel Downtown on March 7, 2016 in Los Angeles.
Brands begin to drop Sharapova after failed drug test

Tag Heuer was in talks to extend its deal with Miss Sharapova, which ran out at the end of last year but in a statement seen by CNBC Tuesday, the company said it will not now renew the contract.

Porsche, meanwhile, has decided to postpone "planned activities" with Sharapova. The German automaker says it wants to analyze further details.

Sharapova is recognized as the world's highest-paid female athlete, earning $29.7 million dollars in prize money and endorsements between June 2014 and 2015, according to Forbes.

The player also enjoys deals with the likes of American Express and Evian.

Sponsors have moved more quickly to disassociate themselves with athletes since some got "burned" by sticking by Lance Armstrong and others during scandals, said Manish Tripathi, an Emory University marketing professor who studies sports. Swift social media spillover has also made companies react more quickly, he added.

Sharapova's recent stretch of injuries and poor performance makes sponsors' decisions easier, Tripathi noted.

"It was easier for Nike and others to cut ties because she has been completely overshadowed recently by other players such as Serena Williams. It makes more sense to potentially bet on other upcoming stars or invest more in stars like Serena," he said.

CNBC takes a look at some of the other high profile athletes that have that lost sponsorship.

The $75 million dollar day

Lance Armstrong in 2012
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Road race cyclist Lance Armstrong fought a protracted battle with authorities to clear his name over drug use allegations, even managing to shut down an FBI investigation.

In 2012, a United States Anti-Doping Agency investigation concluded that Armstrong had used performance-enhancing drugs over the course of his career and sponsors fled.

In a confessional interview on Oprah Winfrey, Armstrong estimated he had lost $75 million dollars in one day.

Tiger swings to a loss

Tiger Woods follows his drive during a practice round for the Quicken Loans National at Congressional Country Club on June 25, 2014 in Bethesda, Maryland.
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Tiger Woods' world fell apart in 2009 after he was accused of cheating on his wife Elin Nordegren with as many as 14 women.

The series of allegations was reported by the Daily Telegraph to have cost Woods more than $25 million dollars in sponsorship deals.

At the time Nike was strongly criticized for standing by Woods.

No Choice for Nike

Oscar Pistorius competing in the London Olympics in 2012
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Once details began to emerge over the death of girlfriend Reeva Steenkamp, big name sponsors of the South African 'blade-runner' Oscar Pistorious were quick to end ties.

Nike were, again, famously connected to the athlete but British telecoms firm BT, sunglasses maker Oakley, and French designer Thierry Mugler all had deals.

A broken Bonds

Former Major League Baseball player Barry Bonds (C) stands with his attorneys, Allen Ruby and Cristina Arguedas, they leave San Francisco federal court in a file photo from April 13, 2011.
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Baseball star Barry Bonds saw endorsement after endorsement cancelled in 2007 when he was the leading figure in a steroids scandal.

Mastercard, KFC and Charles Schwab all walked away from the home run record holder.

Sports Illustrated reported that he lost an estimated $28 million a year in contracts.

—Additional reporting by CNBC's Jacob Pramuk.