Speedo drops Lochte after Rio controversy
WASHINGTON (Sinclair Broadcast Group) - Speedo has officially dropped out as a sponsor of olympian Ryan Lochte, according to multiple reports.
In a statement, the company said, ""Speedo USA today announces the decision to end its sponsorship of Ryan Lochte. 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."
"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."
In an interview with NBC News, Lochte apologized for his behavior in Brazil, where he and three other U.S. swimming teammates were accused of defacing property at a Rio gas station.
Police in Brazil denied his claims, instead telling a story of the swimmers paying the gas station owner for the damages on the property.
Lochte was also dropped by Ralph Lauren Monday.