Ryan Lochte lost his first major sponsor when Speedo USA announced Monday it was dumping the swimmer over a drunken incident during the Rio Olympics that he initially described as an armed robbery.
In a brief statement, Speedo USA said it would donate $50,000 of Lochte’s fee to Save The Children to benefit needy youngsters 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,” the swimsuit giant said. “We appreciate his many achievements and hope he moves forward and learns from this experience.”
Speedo’s decision is likely to be only the first sanction Lochte faces over a night of partying that ended up tarnishing the reputation of the American team and dominating news away from the stadiums and arenas in the final days of the Rio Games, which ended Sunday night.
Both the U.S. Olympic Committee and USA Swimming have indicated that Lochte will be punished, perhaps endangering the 32-year-old’s hopes of competing in a fifth Olympics at Tokyo in 2020. He could also face the wrath of his other sponsors, including Ralph Lauren and airweave premium bedding.