Following the events from Rio, Ryan Lochte has lost two giant sponsorship deals — Speedo and Ralph Lauren. Announcing it on Monday, they stated they would no longer be “condoning the behavior” that Ryan Lochte presented while in Rio.
Lochte made a statement that he and three other swimmers from team USA had been robbed by armed men dressed as Rio police. James Feigen, Ryan Lochte, Jack Conger, and Gunnar Bentz were the four Olympians involved with the situation. It was discovered that much of the story was fabricated, after an investigation and video from a gas station camera. It appears that the swimmers vandalized a public restroom and then got into an argument with the security guard, giving him $50 for the damages they caused.
Feigen is now donating around $11,000 to a charity in order to make up for the situation. Jack Conger and Gunnar Bentz were escorted off a plane (headed to the US) to be interviewed about the events. There are rumors of Lochte facing punishment soon — including losing his place at the 2020 Olympics in Tokyo. Lochte has since apologized for his behavior, stating that he was “heavily intoxicated” and “over-exaggerated” the events from that night.
As part of their statement, Speedo said:
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. We appreciate his many achievements and hope he moves forward and learns from this experience.
For their statement, Ralph Lauren said:
Ralph Lauren continues to proudly sponsor the U.S. 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.
Speedo will also be donating $50,000 of Lochte’s fee to Save The Children – a charity helping Brazilian children.
Considering his initial apology had been posted on Instagram, many speculated that Lochte initially had not taken the situation seriously. He did, however, apologize for taking attention away from the rest of the Olympian athletes. Lochte’s other sponsorships are also said to be under scrutiny, with others expected to cut their ties.
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