Speedo drops Lochte after Rio controversy

FILE - In this Tuesday, Aug. 9, 2016, file photo, United States' Ryan Lochte checks his time in a men's 4x200-meter freestyle heat during the swimming competitions at the 2016 Summer Olympics, in Rio de Janeiro, Brazil. Lochte and three other American swimmers were robbed at gunpoint early Sunday, Aug. 14, by thieves posing as police officers who stopped their taxi and took their money and belongings, the U.S. Olympic Committee said. (AP Photo/Michael Sohn, File)

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.

Lochte originally claimed the group was robbed at gunpoint.

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.

close video ad
Unmutetoggle ad audio on off