Pepsi blunder costs Brazil soccer star Ronaldinho Coke millions

Coca-Cola has cancelled Brazilian soccer star Ronaldinho's $750,000 per year contract after he was sighted with two cans of Pepsi at a recent press conference, according to reports.

UK national newspaper The Mail reported that the former Barcelona, Paris St-Germain and AC Milan player took a sipped the forbidden CSD during a press conference to announce his signature for Brazilian club Atletic Mineiro on June 4.

While it did not mention the incident, Coca-Cola later released a statement acknowledging the "career and the value" of Ronaldinho, but said that "recent developments'" made it impossible to continue the €610,000 per year partnership.

Thus, Coke terminated Ronaldinho's contract, which was due to run until 2014.