Maria Sharapova signs $70m deal with Nike

Tennis ace Maria Sharapova has signed the most lucrative deal ever for a sportswoman - an eight-year tie-up with Nike worth $70m.

Although she has not won a Grand Slam since the Australian Open in 2008 and will be seeded 14th at this year's tournament, which starts next week, the contract eclipses the previous record-holder, Nike's five-year deal with Venus Williams, worth $45m.

Sharapova, who won Wimbledon in 2004 at the age of 17 and has also won the US Open, is the world's best-paid female athlete and despite injuries and fluctuations in form she remains the biggest draw on the women's circuit. But she is now 22 and is unlikely to still be a force in tennis, even if she is still playing, by the time the deal ends.

It seems Nike is banking on her status as a celebrity as much as her reputation on the tennis court. "Sharapova is one of those stars whose name transcends sports, similar to David Beckham," Stefan Szymanski, an economics professor at the Cass Business School in London, told the Sydney Morning Herald.

As part of the deal the Russian will turn her hand to fashion design, creating a line of dresses for the label. It is reported that she will also pocket a percentage of sales from the range.

The money is unlikely to make a major difference for Sharapova as she already rakes in millions from endorsing other brands including Tiffany & Co, Sony Ericsson and Canon. Sports Illustrated puts her earnings at almost $22 million a year.

But the deal does represent a big vote of confidence from Nike, which has sponsored her since the age of 11. The clothing giant could have been forgiven for giving sports stars a wide berth after its recent experience with Tiger Woods, another Nike-backed star whose reputation was left in tatters after a string of affairs came to light. ·