Adidas cut ties with Rick Pitino shortly after he was officially terminated by Louisville on Monday. The apparel giant relayed the decision in a statement obtained by ESPN's Darren Rovell.
Adidas and Louisville currently have a $39-million contract. Kentucky state records indicate Pitino has received 98 percent of the proceeds to date.
The shoe manufacturer also saw one of its executives, James Gatto, arrested in the FBI probe into college basketball corruption. Included in the investigation are allegations that Pitino funneled $100,000 from Adidas to the family of recruit Brian Bowen, something the coach denies.