The fallout embattled Olympic swimmer Ryan Lochte is experiencing has hit his pockets worse than his ego as Speedo and three other sponsors move to severe ties after a fabricated story where he alleged to have been robbed at gunpoint goes viral.
Speedo was the first, announcing early Monday it dropped its sponsorship of embattled U.S. swimmerRyan Lochte. By the end of the day, three other companies also said they would cut ties with him.
The decisions to cut ties with Lochte come after a week-long saga that led to Lochte and three other swimmers to be questioned by Rio authorities after Lochte alleged they were robbed at gunpoint. Ralph Lauren and a laser hair removal company announced they would also sever their respective sponsor relationships with the 32-year-old swimmer.
“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 the behavior that is counter to the values this brand has long stood for,” Speedo USA said in a statement.
Ralph Lauren, which outfitted Team USA for the opening and closing ceremonies, told CNBC on Monday that it would not renew its current deal with Lochte. Lochte was one of the highlighted athletes on Ralph Lauren’s website modeling Team USA gear.
Syneron-Candela, the parent company of Gentle Hair Removal where Lochte served as a spokesperson, confirmed to USA TODAY Sports that it had cut Lochte loose. And, late Monday, airweave, a mattress company, said it had “ended its partnership” with Lochte.
“We hold our employees to high standards, and we expect the same of our business partners,” Syneron-Candela said in a statement. “We wish Ryan well on his future endeavors and thank him for the time he spent supporting our brand.”
Speedo said it will donate a portion of Lochte’s $50,000 fee to the global charity Save The Children.
Lochte made it back to the U.S. on Wednesday, while Conger, Bentz and Feigen remained in Brazil to face questions about what exactly occurred at the gas station where the incident took place. Police alleged the swimmers vandalized a bathroom and security guards at the gas station demanded the swimmers pay for the damage, which they did.
All lessons are eventually learned but some the hard way. His litany of lies just cost him over a million dollars in sponsorship fees. Ouch!
Tags: Ryan Lochte, Rio2016, Summer Olympics 2016
Photo credit IG, Ryan Lochte