Ryan Lochte has officially lost his first endorsement over the situation in Rio, where he fabricated a story about being robbed at gunpoint when in fact he and some teammates had vandalized a public bathroom.
Speedo has now pulled its support of the Olympic swimmer and in addition to no longer supporting him, the company will be making a donation worth part of his fee to the charity Save the Children.
Speedo shared an official announcement via their Twitter on Monday morning.
“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.”
Speedo was not the only company to drop him on Monday morning however, as Ralph Lauren quickly followed suit.
“Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody. Ralph Lauren’s endorsement agreement with Ryan Lochte was specifically in support of the Rio 2016 Olympic Games and the company will not be renewing his contract.”
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