Nike Inc. NKE 5.96%increase; green up pointing triangle suspended its relationship with Kyrie Irving, moving to distance itself from the basketball star after he was suspended by his team for being slow to disavow anti-Semitism.

Nike said Friday it was suspending its endorsement deal effective immediately and would no longer launch the Kyrie 8, one of its flagship products. Nike released Mr. Irving’s first signature shoe in 2014. The Kyrie 8 was slated to be released later this month.

“At Nike, we believe there is no place for hate speech and we condemn any form of antisemitism,” the company said. “We are deeply saddened and disappointed by the situation and its impact on everyone.”