Michael Schumacher Loses Huge Endorsements

Seven-time Formule One champion Michael Schumacher will reportedly lose as much as $8 million after companies decided to cut ties with him, almost a year after his skiing accident. Schumacher's sponsors reportedly dropped their deal with the F1 legend because of doubts that he will be able to fully recover from the tragic accident.

Companies such as Navyboot and Jet Set have decided to stop their partnership with Schumacher, Swiss media outlet Bluewin reports. The companies' owner and spokesperson Philippe Gaydouls has confirmed the termination of the contract.

The report said that the main reason why the companies decided to cut their ties with Schumacher is purely "economic in nature." The report further said that Gaydoul and Schumacher have been friends and business partners in the past, but they needed to drop the deal since they could no longer benefit from the 45-year-old German ace.

"It is not easy for Schumacher's sponspors paying out millions of Swiss francs per year," the Web site wrote. "As well as receiving nothing back since the crash."

In March, German mineral water brand has also announced that they were ending the deal with Schumacher. The bottled mineral water brand used to feature Schumacher in its various campaigns in the past.

On Dec. 29, Schumacher suffered a catastrophic skiing crash during a vacation in the slopes of Meribel in the French Alps. Schumacher sustained severe head trauma from the accident. He has been put in a medically-induced coma immediately after the accident.

In June, it has been reported that Schumacher has woken up from his coma. He was then transferred from the Grenoble University Hospital to Lausanne. At present time, Schumacher is continuing his rehabilitation in his home in Lake Geneva Switzerland. He continues to receive round-the-clock care from a total of 15 skilled specialists. with his family remains at his bed side.

Recently, Phillip Streiff made comments about Schumacher's present condition, claiming that the F1 champion is confined to a wheelchair and unable to speak. Schumacher's manager and representative Sabine Kehm, however, has dispelled Streiff's statement, saying that Streiff is not a friend of Schumacher and has never paid the German racer a visit.