An independent panel on Tuesday found Folau committed a 'high-level breach' of his RA contract after his controversial social media post last month.
Rugby Australia's code of conduct panel is yet to decide what sanction Folau will face - he could be fired from his four-year Aus$4 million contract, fined or suspended.
Folau signed an A$4 million contract extension in February despite being handed a formal warning for similar posts on social media a year ago.
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"Asics is dedicated to sport and its healthy contribution to society".
"As such, our partnership with Israel has become untenable and he will no longer represent ASICS as a brand ambassador".
'We believe sport is for everyone and we champion inclusivity and diversity.
Australian billionaire Andrew "Twiggy" Forrest could offer Israel Folau a career lifeline in Asia if the star Wallaby's contract is terminated over his homophobic comments, it was reported Thursday.
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The Supreme Court had on October 31 a year ago acquitted her of blasphemy charges. " It is a big day ", Saif Ul Malook, said. Federal minister for minorities Shahbaz Bhatti was also killed after calling for her release.
But with insiders estimating Folau would have already outlaid in excess of $A100,000 on legal representation for his landmark code of conduct hearing, the three-time John Eales Medallist may at some point ask himself if it is all worth it.
One of the posts proclaimed hell awaited "drunks, homosexuals, adulterers, liars, fornicators, thieves, atheists and idolaters".
Israel Folau reportedly refused to show remorse or delete his social media posts at his code of conduct hearing.
But Jones has already indicated he will help fight any form of punishment handed to Folau.
"So I'm uneasy about that part of it", Shorten said, quoted in The Sydney Morning Herald.
Bishop Harvey did not have an opinion on how Folau should be punished by his sport, but said he wanted the 30-year-old to understand that words had consequences, sometimes risky ones, especially among young people who might be questioning their sexuality. "My head is held high". Folau was warned previous year after making a comment on social media saying that gay people would go to hell unless they repented, CNN added.
In addition to his rugby union career, Folau has also played professional rugby league and Australian rules football. "We've tried to keep our boys updated every step of the way with what's going on with our teammate because there's still a lot of love and care for Israel within the team - he's a teammate, we care for him".
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