Although he walked away with some shiny new hardware after taking the gold for the Men’s 4x200m freestyle relay, Olympic swimmer Ryan Lochte will be leaving Rio de Janiero missing not only international respect, but a key sponsorship.
The Team USA standout has been in hot water after falsely alleging that he was robbed at gun point at a Rio gas station, when in reality he was confronted by local staff after vandalizing the bathroom. His “embellishments,” as swift defenders of Lochte’s character call them, cost him a sponsorship from Speedo. As reported by the Associated Press today (Aug. 22), the athletic swimwear behemoth retracted his endorsement, citing that it “doesn’t condone behavior that is counter to its values.”
Instead, the PVH-owned company will be donating $50,000 from his sponsorship fee Save the Childre, to the global charity for children in Brazil.
The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD
— Speedo USA (@SpeedoUSA) August 22, 2016
UPDATE [4:43 p.m.]:
Ralph Lauren, Gillette, Gentle Hair Removal and Airweave have followed suit in dropping Ryan Lochte post #LochteGate
UPDATE: Ralph Lauren says it will not be renewing Ryan Lochte's contract pic.twitter.com/VJPZz4wTKv
— Reuters Sports (@ReutersSports) August 22, 2016
BREAKING: Ryan Lochte has lost his 3rd endorsement deal today. Parent company of Gentle Hair Removal ends deal pic.twitter.com/kAHq6ivYsp
— Darren Rovell (@darrenrovell) August 22, 2016
airweave's official statement regarding sponsorship of Ryan Lochte. pic.twitter.com/pFGzMSxnTR
— airweave USA (@airweaveUSA) August 22, 2016