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The major sponsor of the Cronulla Sharks, LG Electronics, today announced that it will not renew its deal with the club at the end of this year.
"LG Electronics Australia (LG) today advised the Cronulla Sharks that it would not be renewing its sponsorship after this season," said LG marketing director David Brand said in a statement.
"While the recent controversies around the NRL, and the Sharks in particular, were certainly a significant element in our decision we also considered the direction of our company and where we want to take the LG brand."
Minor sponsors of the Sharks including Tyrepower, Wendy Wu Tours and the Australian Mushroom Growers have already pulled their sponsorship which totalled just over $100,000.
LG's contract is reportedly worth $700,000 a season.
The gut wrenching news comes just a day after it was revealed Reni Maitua had tested positive to an illegal drug.
The NRL released this statement last night:
"The National Rugby League, after consultation with the Cronulla Sharks, has imposed a provisional suspension effective immediately upon Cronulla