Nike suspends relationship with Kyrie, won't drop new signature shoe

Nike suspended its relationship with Brooklyn Nets guard Kyrie Irving and isn't releasing his upcoming signature shoe, the Kyrie 8, the company announced Friday, according to CNBC's Sara Eisen.

"At Nike, we believe there is no place for hate speech, and we condemn any form of antisemitism," said the company. "To that end, we've made the decision to suspend our relationship with Kyrie Irving effective immediately and will no longer launch the Kyrie 8."

Nike's decision comes one day after the Nets suspended Irving for at least five games after he failed to disavow antisemitism following a Twitter post last week in which he shared a link to a movie with antisemitic tropes.

Irving apologized for the post and subsequent failure to speak out against antisemitism hours after Brooklyn suspended him.

Nike began working with Irving in 2014, and the All-Star has become one of the highest-selling athletes on the brand's roster. His deal is reportedly worth approximately $11 million per year, according to BNN Bloomberg's Catherine Larkin and Kim Bhasin.