Michael Schumacher
Formula One world champion Michael Schumacher of Germany goes snow boarding during a stay in the northern Italian resort of Madonna Di Campiglio, in this January 12, 2005 file photo. Formula One ex-champion Schumacher, who sustained severe head injuries in a ski accident in late 2013, is no longer in a coma and has left the French hospital where he was being treated since the accident, his spokeswoman said on June 16, 2014. REUTERS

Michael Schumacher has been dumped by his sponsors, one year after the ski accident that left him paralysed. The seven-time champion will lose $62 million a year as a result of this break up.

The Formula One star Schumacher has been abandoned by his wealthy sponsors, including fashion firm Navyboot, Jet Set and bottled water company Roasbacher. Schumacher is now wheelchair-bound and could not move after surviving a life threatening ski accident he met last year.

Schumacher's fate changed dramatically when his head hit a rock while skiing in French Alps ski-resort Meribel, where he was vacationing with his family and friends. The 45-year-old German race car driver suffered severe head injuries and slipped in coma for four months.

In April this year, it was announced officially that the racer has awakened from the coma and has been showing signs of consciousness. Since then, he has been on the road to recovery. However, his progress has been very slow and minimal. Philippe Streiff, a former racing star, reported to Master Herald that the racer is paralysed and unable to speak.

Medical teams have been giving mixed updates about the world renowned racer's progress. While some suggested that he will be able to get back on his feet within three years, Erich Riederer, a top neurologist, has given the heartbreaking news that Schumacher will remain an invalid throughout his life and will continue to be dependent on others for his daily needs.

Learning of the updates, various sponsors have back tracked and cut off all ties with one of the most celebrated Formula One Racer. While German mineral water company Rosbacher annulled his contract earlier, Navy Boot and Jet Set recently severed all the commercial ties with the star.

This move by the companies is not taken well by the racer's fans and sports lovers around the world, and these brands have received heavy backlash in social media. Meanwhile, firms like Mercedes and wealth management firm DVAG have declared that they will always stand by the star--even when there are doubts surrounding his full recovery.

At present, Schumacher is recovering in his $55 million mansion on the shores of Lake Geneva. One of the best and technologically advanced medical suites has been built inside his mansion for his proper care.