Michael Schumacher sponsors severing commercial ties

Michael Schumacher's sponsors Navyboot and Jet Set have cancelled their contracts with the seven-time world champion, almost a year after he was involved in a skiing accident.

According to the Daily Mail, the Formula 1 legend is set to lose around £4m per year after both fashion brands decided to end their association with the 45-year-old.

The developments come after mineral water company Rosbacher annulled its sponsorship contract with Schumacher.

However, German car manufacturer Mercedes and wealth management corporation DVAG have announced that they intended to stay with the former F1 champion.

Schumacher, who suffered life-threatening injuries after a skiing accident in the French resort of Meribel, is recovering at his home on the banks of Lake Geneva.