The fallout from Ryan Lochte’s Rio scandal is coming.
The first major company to pull its sponsorship of Lochte is Speedo.
The company said they “don’t condone behavior that is counter to its values.”
Instead, they are donating $50,000 from his sponsorship to a global charity called Save the Children in Brazil.
“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. 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 the experience,” they said in a statement.
A few hours later, Ralph Lauren official said the company will not be renewing Lochte’s deal.
For now, he has two remaining sponsorship endorsements left.
Locate along with fellow swimmers fabricated a story about getting robbed at gunpoint in Rio to cover up for their drunken shenanigans.
Lochte apologized saying he over exaggerated his story.
He released a statement regarding Speedo’s decision:
“I respect Speedo’s decision and am grateful for the opportunities that our partnership has afforded me over the years. I am proud of the accomplishments that we have achieved together.”