Ryan Lochte Loses Major Sponsorships Following ‘Robbery’ Scandal

Becoming the first major sponsor to cut ties with Lochte due to the incident, Speedo said that it can not condone Lochte’s behavior which is against the values they stood for.

Ralph Lauren Polo and mattress brand Airweave, who partnered with Lochte specifically because of the Rio Olympics, said they choose not to renew their contract, although they do intend to continue to support Team USA in the upcoming Paralympic Games. Officials later revealed that the early Saturday-morning incident was quite different: Lochte and some of his teammates vandalized a gas station, urinated on the premises, then paid for the damages when confronted by armed guards.

The financial costs of losing Speedo and Ralph Lauren are likely to be only the first sanctions that await Lochte, whose antics tarnished a powerful showing by the American team and dominating news away from the stadiums and arenas in the final days of the Rio Games. “We appreciate his many achievements and hope he moves forward and learns from this experience”. “We remain committed to supporting Team USA and the athletes preparing for the Paralympic Games”.

U.S. Olympic Committee CEO Scott Blackmun on Sunday all but promised that Lochte and teammates Jimmy Feigen, Gunnar Bentz and Jack Conger would be punished over their roles in the incident.

Speedo USA in a prepared statement said that while the company enjoyed its winning relationship with Lochte for more than a decade and that he has been an important part of the team, we do not condone behavior that does not follow the values the brand has stood for, for so long.

Lochte responded by issuing a statement through his public relations firm, saying: “I respect Speedo’s decision and am grateful for the opportunities that our partnership has afforded me over the years”.

“I would think it was an easy decision to cut ties now”, Swangard said.

He later admitted being highly intoxicated during the incident.

Gold medal or not, sponsors were quick to distance themselves from Ryan Lochte.

Feigen wound up donating just under $11,000 to a Brazilian nonprofit sports organization to settle any potential legal action.

Lochte has since apologized for his “over-exggerated” version of the story citing language barriers in a foreign country as the cause for misleading account. He was the breakout star of the 2012 London Olympics, landing a short-lived reality TV series called “What Would Ryan Lochte Do?” and appearing, as himself, on top shows such as “30 Rock” and “90210”.

Lochte won one gold in Brazil.