Swimwear giant Speedo has cancelled its sponsorship agreement with disgraced US swimmer Ryan Lochte.
The 32-year old, who won a gold medal in the men's 4x200m freestyle relay in Rio, was embroiled in scandal after he claimed to have been mugged at gunpoint while out celebrating with fellow swimmers from Team USA.
The claims quickly unravelled and Lochte issued an apology for his involvement during the night in question. However, speculation quickly mounted about what it would mean for his lucrative sponsorship deals.
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In a statement issued this afternoon, Speedo confirmed they no longer want to be associated with the gold medal winner. The company said:
Speedo USA today announces the decision to end its sponsorship of Ryan Lochte.
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 behaviour that is counter to the values this brand has long stood for.
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.
- Speedo USA
Ralph Lauren, Lochte's other big sponsorship partner, said they would not be renewing their involvement with the swimmer, stating their current deal had expired anyway.
As well as removing an image of Locthe from its website, the clothing giant said:
Ralph Lauren continues to proudly sponsor the US 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.
- Ralph Lauren
According to CNN, Lochte said he respected Speedo's decision, adding: "I 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."