Dec 13, 2014 08:40 AM EST

Michael Schumacher Loses Millions As Sponsors Ditch Former F1 Legend

Michael Schumacher has reportedly lost several million pounds as wealthy sponsors ditched the former Formula One legend. The companies' decisions to dump the seven-time race car champ was a result of the ski accident that left Schumacher paralyzed and unable to speak. Allegedly, the companies no longer see the F1 superstar as the best model to represent their products.  

Last December, 45-year-old Michael Schumacher suffered from severe head injuries while skiing with his family in the French Alps. The Daily Mail reported he is currently recovering but is said to be paralyzed, wheelchair-bound and unable to speak.

Though Mercedes and DVAG, a wealth management and advice firm, have promised to stand by Michael Schumacher, fashion firms Navyboot and Jet Set have publicly cut its commercial ties with the former F1 champ, The Daily Mirror UK reported.

"It is not easy for Schumacher's sponsors: paying out millions of Swiss francs per year and receiving nothing back since the crash," Swiss news Web site, Bluewin reported. "But must they separate in this situation from the Formula 1 legend? It is a balancing act: On the one hand, the sponsors must pursue economic objectives, which point towards for a parting. On the other hand it will not be well received in public if you are turning your back on Schumacher at this difficult time."

Earlier this year, The Daily Express UK reported Rosbacher, a German mineral water company has also reportedly cancelled its contract with the F1 star.

Meanwhile, a spokesperson for Phillipe Gaydoul, who owns the fashion firms, has confirmed the companies' decision to the end the high-income contract, which paid Michael Schumacher £4 million per year. And it is also indistinct which other companies have also severed their connections with the former Formula One champion.

Michael Schumacher, who has an estimated £500 million net worth, is currently living at his home which contains a state-of-the-art medical suite, having moved from a rehab clinic in Lausanne where doctors had been looking after him, Yahoo! News reported.

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