Nike has suspended its relationship with Kyrie Irving and canceled its plans to release his next signature shoe, the latest chapter in the ongoing fallout since the Brooklyn Nets guard tweeted a link to a film containing antisemitic material.

The shoe giant announced Friday night that it will halt its relationship with Irving, who has been suspended by the Nets for what the team called a repeated failure to “unequivocally say he has no antisemitic beliefs.”

The Nets made that move Thursday, banning Irving without pay for at least five games, and a day later, Nike made its decision....