Tennis star Maria Sharapova made a shocking announcement at The L.A. Hotel Downtown on Monday, March 7. The former World No. 1 revealed that she failed a drug test for meldonium during the Australian Open.

"I take great responsibility and professionalism in my job, and I made a huge mistake. I let my fans down. I let the sport down that I've been playing since the age of 4, that I love so deeply," Sharapova said. "

The five-time Grand Slam winner also said that she has been taking the substance since 2006 and was prescribed by their family doctor for her health issues. She mentioned that she comes from a family with a history of diabetes, suffered from irregular electrocardiogram results and magnesium deficiency.

Meldonium, also called mildronate, is a drug used to treat ischemia and was developed by the Latvian Institute of Organic Synthesis. The World Anti-Doping Agency recently added meldonium to its list of prohibited substances effective Jan. 1, 2016.

Facing Suspension

After a WADA review, Sharapova can face a range of penalties -- from a multiyear ban to no suspension at all. Nevertheless, the International Tennis Federation will provisionally suspend the 28-year-old Russian tennis star starting March 12.

The ITF has a four-year suspension ruling for a positive doping test, which can be reduced in various ways depending on the degree of offense and negligence of the player. As for WADA's ruling, President Craig Reedie said that first-time meldonium offenders face a one-year suspension.

CEO of the Women's Tennis Association Steve Simon said in a statement that he was disappointed to hear the news and would support the final decision of the investigation.

"As Maria acknowledged, it is every player's responsibility to know what they put in their body and to know if it is permissible," Simon said. "The WTA will support the decisions reached through this process."

Should Sharapova Retire?

Before her shocking revelation of a failed drug test, the sports world had speculated that Sharapova will be announcing her retirement. The highest-paid female athlete has suffered several injuries in the past few years, including a recent left forearm injury.

She's only 28 years old, which means that she could make a comeback even if her suspension reaches the maximum of four years. The tennis star also insists that she will not be retiring and hopes to get the chance to prove herself again.

"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," Sharapova said.

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