Swimwear maker Speedo USA has chose to end its sponsorship of Ryan Lochte, becoming the first company to officially terminate its endorsement of the US swimmer.
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Three more high-profile sponsors have followed Speedo in cutting ties with United States swimmer Ryan Lochte following his Olympic controversy.
Lochte’s sponsorship with Ralph Lauren was also reportedly discontinued, as were partnerships with mattress company Airweave and aesthetic device company Syneron-Candela. “We appreciate his many achievements and hope he moves forward and learns from this experience”.
Originally, Lochte claimed that he and fellow Team U.S.A. swimmers James Feigen, Jack Conger, and Gunnar Bentz had been robbed at gunpoint two weeks ago after a night of partying.
Police said the group had been detained over the vandalization of a gas station bathroom, apparently led by a drunken Lochte – a major embarrassment for Team USA, an Olympic swimming powerhouse. On Monday afternoon, a Ralph Lauren official told Rovell the label won’t renew Lochte’s deal. Lochte’s other sponsor, Airweave, committed to standing by Lochte. Lochte said the men robbed them, an account that was eventually called into question by Rio police and a judge who ordered the four to remain in the country last Wednesday.
“I over-exaggerated the story”, he told NBC. But Brazilian authorities soon countered that the athletes had actually been stopped by armed security guards and accused of vandalizing a gas station restroom.
Speedo says it is donating $50,000 from Lochte’s sponsorship fee to the global charity Save the Children for children in Brazil.
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The U.S. Olympic Committee issued an apology on Thursday, and Lochte, a 12-time Olympic medalist, made his own apology on Saturday in an interview with Brazil’s largest broadcaster, Globo TV. While there have been conflicting versions over whether the guards pulled their weapons on the swimmers, Lochte conceded that his behavior led to the confrontation, which resulted in the swimmers paying some $50 in US and Brazilian currency before they were allowed to leave. Lochte did help Phelps and the Americans win gold in the 4×200 freestyle relay.
