Sports
Updated : Sep 29, 2017, 06:42 PM IST
Some sponsors will withdraw their financial support as former Formula One champion Michael Schumacher is still struggling to recover from the unfortunate ski accident last year which left him paralysed in a wheelchair.
Giving into commercial decisions Phillipe Gaydouls, owner of the fashion firms Navyboot and Jet Set, has pulled the €4 million contract. Rosbacher mineral have already left the seven-time world champion during the summer.
Mercedes and DVAG have stated that they will stand by Schumacher.
Companies who continue to support Schumacher have concerns about the dents their images may take if they appear insensitive after withdrawing their association. But if looked from a business perspective, companies are paying over €1 million (Rs 79 million) with zero returns for a year due to accident.
Corinna Schumacher, Michaels Schumacher's wife, is already feeling the financial blow with the building of a $19 million, fully-equipped, medical suite in their house on the banks of Lake Geneva in Switzerland.