Ryan Lochte has lost his first sponsorship as a result of his "overexaggerated" story about being robbed at gunpoint during the Olympic Games in Rio de Janeiro. Speedo USA said Monday it is dropping the embattled swimmer.
"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 company said in a statement over Twitter.
The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD— Speedo USA (@SpeedoUSA) August 22, 2016
Update: Ralph Lauren also said Monday that it is cutting ties with Lochte.
Speedo USA will allocate $50,000 of Lochte’s fee to a charity called Save the Children, benefitting children in Brazil.
A spokesman for United Entertainment Group, Speedo U.S.A.’s AOR, said the company will not be doing interviews about its decision.
Lochte also has deals with fashion brand Ralph Lauren and mattress maker Airweave.
Lochte’s fantastical narrative of being robbed at gunpoint in Rio was a blemish on an otherwise triumphant run for Team U.S.A. at the Olympics. The controversy remains a hot-button topic in the Brazilian media.
Lochte gave his mea culpa in an interview Saturday with Matt Lauer, saying he "overexaggerated" the truth and apologizing for his "immature behavior."
The swimmer also recently retained the services of Matthew Hiltzik, CEO of Hiltzik Strategies, whose past clients include Justin Bieber, Harvey Weinstein, and Manti Te’o.
Efforts to contact Hiltzik for comment were unsuccessful as of press time.