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Gilbert Arenas -- Dropped by Adidas

1/15/2010 9:45 PM PST

Gilbert Arenas -- Dropped by Adidas

Adidas has wasted no time -- they've decided to cut ties with Gilbert Arenas following his guilty plea today.

A rep for the company gave TMZ this statement: "In response to Gilbert Arenas' guilty plea to felony charges, adidas has terminated its agreement with the athlete effective immediately."

Arenas pled guilty to one felony count of carrying a pistol without a license. He is due to be sentenced in March.

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