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The 28-year-old Sharapova, a five-time grand slam champion, will be provisionally suspended starting March 12, the International Tennis Federation (ITF) said.
She tested positive for meldonium, which is used to treat diabetes and low magnesium, and was only banned by the World Anti-Doping Agency as of Jan. 1.
"I made a huge mistake. I let my fans down and I let the sport down," said Sharapova, a teenage tennis prodigy who became the third-youngest Wimbledon champion. "I take full responsibility for it."
"I know that with this I face consequences and I don't want to end my career this way. I really hope that I will be given another chance to play this game," former world No.1 Sharapova told a news conference in a downtown Los Angeles hotel.
According to Forbes, she earned $29.5 million in 2015, mostly from endorsements.
Sharapova said her family doctor had been giving her mildronate, which is also called meldonium, for 10 years after she frequently became sick, had irregular EKG results, a magnesium deficiency and a family history of diabetes.
"It is very important for you to understand that for 10 years this medicine was not on WADA's banned list and I had been legally taking the medicine. But on January the first, the rules have changed and meldonium became a prohibited substance."
The World Anti-Doping Agency, or WADA, declined to comment until ITF issues a final decision.
Meldonium is used to treat chest pain and heart attacks among other conditions, but some researchers have linked it to increased athletic performance and endurance.
It is not approved in the United States but is available in Russia, Latvia and other countries in that region. Over the past month, Russian cyclist Eduard Vorganov, Russian figure skater Ekaterina Bobrova and Ethiopia-born athletes Endeshaw Negesse and Abeba Aregawi have all tested positive for meldonium.
The stunning news came a day after Sharapova's management team said she was going to make a "major announcement," which had many speculating that she was going to announce her retirement from professional tennis.
Sharapova, who has struggled with a series of injuries in recent years, has not competed since she lost to Serena Williams in the quarter-finals of the Australian Open in January.
Renowned for her never-say-die approach, a gritty baseline game and high-decibel shrieking, Sharapova at 17 became the first Russian woman to win Wimbledon when she beat Serena Williams 6-1 6-4 in the 2004 final.
That victory also made her the third-youngest Wimbledon champion, behind only Lottie Dod and Martina Hingis, and the fourth-youngest grand slam winner in the open era after Hingis, Monica Seles and Tracy Austin.
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MORE ABOUT MARIA SHARAPOVA
Born: April 19, 1987 in Nyagan, Russia
GRAND SLAM TITLES: Five: Wimbledon (2004); U.S. Open (2006); Australian Open (2008); French Open (2012, 2014)
MAKING HER NAME
* Born in Siberia, moves to Black Sea coastal resort of Sochi aged two.
* Moves to Florida in 1996 to train at Nick Bollettieri's Tennis Academy in Bradenton. Sharapova's father Yuri, armed with just $700, moves to U.S. with her. Her mother Yelena has to stay in Russia due to visa restrictions.
* Turns professional in 2001.
TENNIS CAREER
* Wins first tour title at Tokyo in 2003. Finishes inside top-50 for first time.
* Becomes first Russian woman to win Wimbledon in 2004 aged 17, beating holder Serena Williams 6-1 6-4 in the final.
* In August 2005 becomes first Russian woman to reach the top of the world rankings.
* Wins her second grand slam after defeating second seed Justine Henin 6-4 6-4 in the 2006 U.S. Open final.
* Beats Ana Ivanovic of Serbia 7-5 6-3 in 2008 to win her third grand slam title, and first Australian Open.
* Regains number one ranking by beating Petra Kvitova in the French Open semi-finals in 2012 before defeating Sara Errani 6-3 6-2 in the final to complete her collection of grand slam trophies.
* Wins a silver medal in her Olympic debut at the 2012 Games in London, losing the final against Serena Williams 6-0 6-1.
* Wins fifth grand slam title at 2014 French Open.
OTHER NOTES
* Has shoulder surgery in 2008 followed by a nine-month injury layoff.
* Misses second half of 2013 season with a shoulder injury.
* Is the richest woman in sport and with more than 15 million fans, she is the most followed female athlete on Facebook.
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