Brazil's Thiago Braz competes in the Men's Pole Vault final at the 2019 IAAF Athletics World Championships at the Khalifa International stadium in Doha on Oct 1, 2019. (KIRILL KUDRYAVTSEV / AFP)

RIO DE JANEIRO - Brazil's reigning Olympic pole vault champion Thiago Braz has had his contract with local club Pinheiros rescinded amid economic uncertainty caused by the coronavirus pandemic.

The 26-year-old will receive his April salary in full and a termination fee that amounts to 50 percent of his wages for the eight months that remained on his contract.

The 26-year-old will receive his April salary in full and a termination fee that amounts to 50 percent of his wages for the eight months that remained on his contract

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"Thiago is a top professional and admired by everyone. We hope to resume our partnership soon," Pinheiros said in a statement.

All major sports competitions have been suspended in Brazil since mid-March as a precaution against the spread of COVID-19, which has claimed the lives of more than 4,000 people in the South American country.

Braz secured Brazil's first ever Olympic pole vault gold medal by surprising France's defending champion Renaud Lavillenie at the Rio 2016 Games.

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His leap of 6.03m was a new Olympic record and surpassed his previous personal best by 10cm.