Nike Inc has announced that it has decided to suspend its relationship with Russian tennis star Maria Sharapova following revelations of a failed drug test.

Nike Inc, one of Sharapova's biggest sponsors, said in a statement that it will continue to monitor the situation.

"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 will continue to monitor the situation," Nike said.

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The decision to suspend its sponsorship of Sharapova came hours after the Russian tennis star admitted failing a drug test at Australian Open.

Sharapova said the failed drug test was a result of a substance that she has been taking for 10 years due to health issues.

Sharapova's failed test was conducted on January 26 before being examined by a World Anti-Doping Agency (WADA) accredited laboratory, which returned the positive for Meldonium.

Sharapova claimed that her family physician had been giving her mildronate, which is also called meldonium, for 10 years after she frequently became sick, had irregular EKG results, a magnesium deficiency and a family history of diabetes.

"It is very important for you to understand that for 10 years this medicine was not on WADA's banned list and I had been legally taking the medicine. But on January the first, the rules have changed and meldonium became a prohibited substance," she said.

Aside from the Nike sponsorship suspension, the 28-year-old Sharapova, the highest-paid woman in sports, will be provisionally suspended by the International Tennis Federation starting 12 March.

"I know that with this, I face consequences. I don't want to end my career this way, and I really hope I will be given another chance to play this game," Sharapova, a five-time grand slam champion, said.

"I made a huge mistake. I let my fans down and I let the sport down. I take full responsibility for it," Sharapova added.

TagsMaria Sharapova, Sharapova, Nike