Sharapova said yesterday she tested positive for Meldonium, a substance she had been taking since 2006 but one that was added to the banned list this year. She said she did not look at the updated ban list before taking the drug.
"I did fail the test, and I take full responsibility for it," a sombre Sharapova said at a press conference at a downtown Los Angeles hotel.
"I know that with this I face consequences and I don't want to end my career this way -- and I really hope I will be given another chance to play this game."
The International Tennis Federation confirmed in a statement that the former world number one from Russia had tested positive on January 26 and had accepted the finding when she was notified on March 2.
Sharapova said she was cooperating with the ITF and did not yet know the extent of the sanctions she would face.
Shamil Tarpishchev, head of the Russian tennis federation, promptly said he believed Sharapova would have a chance to play at the Rio Olympics in August.
"I believe it's rubbish, nothing else," TASS news agency quoted Tarpishchev as saying. "The athletes take the medicines, which their physiotherapists or doctors recommend them to take. I believe Sharapova will nevertheless play at the Olympics."
She won the US Open in 2006, the Australian Open in 2008 and the French Open in 2012 and 2014. She has 35 WTA singles titles and more than USD 36 million in career earnings, and is currently ranked seventh in the world.
Sharapova said she originally began taking Meldonium for a variety of worrying symptoms, including a tendency to become ill often, an irregular EKG heart test and a family history of diabetes.
Meldonium is used to treat heart trouble, including angina and heart failure.
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