TMZ.com reports it was sent this statement by Gilbert Arenas shoe sponsor Adidas:
“In response to Gilbert Arenas’ guilty plea to felony charges, adidas has terminated its agreement with the athlete effective immediately.”
Arenas has reportedly been endorsing Adidas products since 2003.
The move is a far cry from 2006, when Arenas was the number-one Adidas endorser in the NBA.
With Arenas now facing up to five years in prison, you would think this is the least of his worries at the moment. But a significant financial and credibility hit nonetheless.