Speedo USA in Cypress will end its sponsorship of Ryan Lochte after a story he and three other U.S. swimmers told of being robbed at gunpoint on Aug 14 in Rio de Janeiro during the Olympic Games was proven false by authorities.
“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 said in a statement. “We appreciate his many achievements and hope he moves forward and learns from this experience.”
Lochte, a 12-time Olympic medalist, apologized “for not being more careful and candid in how I described the events of that early morning” and said “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.”
Speedo said it plans to donate $50,000—a portion of Lochte’s overall fee—to Save the Children, a global charity partner of its parent company, New York-based PVH Corp., to help children in Brazil.
The swimmer’s 10-year sponsorship deal with Speedo was set to expire this year, according to the news reports.
