Lochte responded by saying he respected Speedo’s decision and was “grateful for the opportunities” they shared together.
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Despite apologizing and admitting he did wrong in Rio, Speedo, Syneron Candela, Ralph Lauren and Airweave announced the swimmer was out of the brands’ funding.
In addition to severing its sponsorship ties with Lochte, Speedo announced it would donate $50,000 from Lochte’s endorsement fee to a Brazilian charity for children.
“While we have enjoyed a winning relationship with Ryan for over a decade. we can not condone behavior that is counter to the values this brand has long stood for”. “We appreciate his many achievements and hope he moves forward and learns from his experience”.
Lochte claimed he and three of his United States team-mates had been robbed at gunpoint at a gas station on a night out in Rio earlier this month. Police alleged the swimmers vandalized a bathroom and security guards at the gas station demanded the swimmers pay for the damage, which they did. “We hold our employees to high standards, and we expect the same of our business partners”, the company said.
Lochte, a 12-time Olympic gold medalist, has earned millions of dollars through endorsements. Swimsuit U.S.A. brand, Speedo, ended up its relationships with the swimmer and stated Lochte’s actions in Rio can not be accepted in the ethical and moral framework of the company. Speedo’s deal with Lochte was due to expire in 2016 anyway but it is believed he has around $1m in sponsorship deals left in play. “If I had never done that, we wouldn’t be in this mess”.
“There was no robbery of the kind reported by the athletes”, the head of Rio’s civil police, Fernando Veloso, told a press conference.
While there have been conflicting versions over whether the guards pulled their weapons on the swimmers, Lochte has since acknowledged he was highly intoxicated and that his behaviour led to the confrontation, which resulted in the swimmers paying about 50 dollars in U.S. and Brazilian currency before they were allowed to leave. It was discovered that much of the story was fabricated, after an investigation and video from a gas station camera.
Lochte also said he had lied in telling NBC interviewer Billy Bush the next day that a gun had been cocked and pointed at his forehead. Speedo also sponsors USA Swimming.
In an interview with Matt Lauer that aired Monday during the Today show, Lochte tried to explain his behavior.
“I’m sorry, he said”. He might also face criminal charges in Brazil.
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His only silverware this year was the gold medal he won with Michael Phelps, Townley Haas and Conor Dwyer in the 4×200m freestyle relay.
