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It has been a downhill ride for Michael Schumacher ever since he met with a ski accident on December 29, 2013. After a severe brain injury put him off the track and he slipped into coma, another misfortune befell him recently when his sponsors decided to turn back on him.

According to the latest reports, Schumacher's biggest sponsors - Navyboot and Jet Set have announced their decision to severe commercial ties with the seven-time Formula One World Champion. Annulment of endorsement contracts with these two fashion companies is likely to cause Schumacher a loss of $8 million a year. The 45-year old had earlier lost the contract with Rosbacher, a German mineral water company.

With no clarity on Schumacher's complete recovery, the companies don't consider it feasible any more to retain him as their brand ambassador.

This annual loss of $8 million might not lead to paucity of funds for the master racer as he has amassed a £500-million fortune. Another silver lining to this otherwise tragic turn of events is the fact that Mercedes and DVAG (wealth management firm) have promised to stand by him in his difficult time.

Ever since Michael Schumacher was brought home on 9 September 2014, he has been kept in a ‘purpose-built medical suite’ and looked after by a team of 15 experts. However, Schumacher still remains 'paralysed, wheelchair-bound and unable to speak.'

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