Nike issues official statement on Pacquiao, cuts ties with superstar boxer

As was expected, Nike has decided to officially end its relationship with superstar boxer Manny Pacquiao, following Pacquiao's recent comments about homosexuals.

Here's the official statement from Nike:

"Nike strongly opposes discrimination of any kind and has a long history of supporting and standing up for the rights of the LGBT community.

"We no longer have a relationship with Manny Pacquiao."

TMZ is reporting that Pacquiao and his team were discussing the matter with Nike "up until the last minute," trying to save his endorsement deal with the company, but their efforts failed.

With Pacquiao, 37, set to retire after his April 9 fight against Timothy Bradley, the timing like made keeping Pacquiao on board as a Nike-endorsed athlete more trouble than it's really worth. Nike and Pacquiao signed a lucrative deal in 2011. In 2012, Pacquiao made controversial statements about homosexuals, but the company kept him on at that time.