Speedo Drops Ryan Lochte After Rio Scandal, Will Donate $50,000 of His Fee to Charity

Speedo has ended its relationship with U.S. Olympian Ryan Lochte, a decision that comes after the swimmer was accused of fabricating his tale of being robbed in Rio de Janeiro.

"Speedo USA today announces the decision to end its sponsorship of Ryan Lochte," the brand announced in a statement. "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."

Lochte and several fellow U.S. swimmers—James Feigen, Jack Conger and Gunnar Bentz—initially told the media they had been robbed on the way home from a party Aug. 14. However, investigators have since said that the swimmers vandalized a gas station and then got into an altercation with security guards. 

The swimmer has since apologized for his actions on social media, noting that he "should have been much more responsible in how [he] handled [himself]" and that he was sorry to his teammates, fans, fellow competitors, sponsors and Olympic hosts. He also told NBC's Matt Lauer that he "over-exaggerated" the events. 

Lochte's apologies and clarifications weren't enough to compel Speedo into sticking with the star swimmer, though.

"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 brand's statement said. "We appreciate his many achievements and hope he moves forward and learns from this experience." 

Lochte's remaining sponsors include Ralph Lauren (which has said it is monitoring the situation) and Airweave. 

Article originally appeared on Adweek Advertising & Branding: Link.

2 Responses

  1. Nell says:

    Speedo should be giving that money to American youth Brazil got 11.000 dollars
    From James feign . No one filed charges at the gas station the swimmers gave them the money they wanted . That should have been he end of this but it just keep
    Going on. What feign gave them was to much . They are taking advantage of america’s kindness. The witness told what happen . Just let this go. I would not be comfortable going there because if you make a mistake they take your passport and you can’t leave and then have to pay a lot of money . That is what I get from this.

  2. Nell says:

    Do l need to re write my comment?

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