Arenas Loses $40 Million Adidas Contract

Gilbert Arenas

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Suspended Wizards G Gilbert Arenas has lost his sponsorship deal with Adidas. The eight-year contract was worth $40 million dollars, as the former All-Star was one of their biggest basketball endorsers. Arenas plead guilty Friday to carrying a pistal without a license after he brought four unloaded guns into the Verizon Center December 21. Sentencing is scheduled for March 26th and Arenas faces anything from probation to five years in prison for the crime. Along with the contract, Arenas stands to lose $147,208 per game during his suspension.