Disgraced U.S. swimmer Ryan Lochte lost three sponsorship deals Monday, hours after the end of the Rio 2016 games.
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The trio and Lochte are also the subject of an International Olympic Committee investigation into their conduct, which hit the latter in the pocket yesterday. Airweave, another Team USA sponsor which originally stood by Lochte, said Monday that it would end the partnership.
As part of the decision, Speedo said Monday it will donate $50,000 of Lochte’s fee to Save The Children to benefit needy youngsters in Brazil.
Speedo said in a statement that “while we have enjoyed a successful relationship with Ryan for more than a decade, he was an important member of the team, we can not tolerate behavior that is contrary to the values of this brand for a long time”.
Syneron-Candela, the parent of Gentle Hair Removal, also reportedly issued a statement ending their sponsorship of Lochte.
Lochte’s version of the incident embarrassed the host city, angered local officials and further revelations about it – casting doubt on Lochte’s story – dominated news coverage of South America’s first Olympics.
Ryan Lochte is losing all his endorsements after he admitted to making up a story about being robbed at gunpoint while at the 2016 Olympics. However, both emphasized that they would still continue to support other athletes at both the Olympics and Paralympics.
Lochte’s sponsor, mattress maker Airweave, was not immediately available for comment.
The cancellation of sponsorships came after the 12-time Olympic medallist lied about being robbed at gunpoint by a policeman after a night out during the Rio Olympics, BBC reported on Tuesday.
“We hold our employees to high standards, and we expect the same of our business partners”, they told USA Today in a statement. He said that he would be more careful about his statements in the future. “We are focused on supporting Team USA and our support to them will remain the same”.
Video surveillance has emerged showing the swimmers getting into a confrontation with armed security guards over alleged vandalism at a gas station where their taxi stopped.
According to Forbes, Lochte is estimated to earn between US$1 million to US$2 million on his endorsements alone at Rio this year. “I think we ended up in the right place in terms of being able to shine a light on what really happened there”.
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In addition to several national teams, Speedo has sponsored numerous professional swimmers including James Guy, Natalie Coughlin and Missy Franklin. “That’s something that I’m going to have to deal with”.
