Ryan Lochte lost his first major sponsor when Speedo USA announced it is dropping the swimmer over a drunken incident during the Rio Olympics that he initially described as an armed robbery.
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 says that while it had “a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team,” it could not condone his behavior after the end of Rio’s swimming competition.
At first, Lochte said he and three swimming teammates were robbed after their taxi was pulled over by armed men posing as police. He has since apologized for embellishing his version of events.
“Speedo USA today announces the decision to end its sponsorship of Ryan Lochte. As part of this decision, Speedo USA will donate a $50,000 portion of Lochte’s fee to Save The Children, a global charity partner of Speedo USA’s parent company, for children in Brazil,” the firm said in a statement, according to ABC News.
“While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot 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 this experience,” the company noted.
Epoch Times contributed to this report.
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