In Speedo’s statement about the end of their sponsorship, the company announced that they will be donating Lochte’s $50,000 fee to Save the Children, a global charity partner. In turn, the organization will direct the funds to specifically assist Brazil youth.
— Blaine Stewart (@BlaineStewart) August 22, 2016
“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,” the swimwear company stated. “We appreciate his many achievements and hope he moves forward and learns from this experience.”
Following the press release from Speedo, Lochte took to Twitter to respond.
"I respect Speedo's decision and am grateful for the opportunities that our partnership has afforded me over the years," he wrote. "I am proud of the accomplishments that we have achieved together."
Only a few hours later, Ralph Lauren followed Speedo’s lead and also dropped the swimmer. Lochte’s name and image was immediately removed from the Olympic-endorser page on their website.
— Darren Rovell (@darrenrovell) August 21, 2016
The announcements leave Lochte with two remaining sponsorships — Gentle Hair Removal and Airweave, a Japanese mattress company.
Lochte made international headlines last week after claiming that he and three of his teammates were robbed at gunpoint in the Olympic host country.
Authorities immediately questioned his story, however, and ultimately concluded that Lochte and his fellow swimmers had vandalized a gas station and that the “robber” was actually a security guard, who demanded that they pay for the damages they caused.
Lochte has since admitted that he “over-exaggerated” what had happened.
"It was still hours after the incident happened. I was still intoxicated. I’m not making an excuse, I’m not doing that at all, and I shouldn’t have said that. I over-exaggerated that part, and the gun was drawn but not at my forehead. It was towards my general direction as you can see in the surveillance video," Lochte told NBC in an interview which aired on Saturday.’’
In a statement issued on Thursday, the US Olympic Committee apologized for the actions of the US Olympic swimmers, acknowledging that they had not been robbed.
