NEW YORK (AA) – Swimwear company Speedo announced Monday it was dropping its sponsorship of Olympic U.S. swimmer Ryan Lochte after he was found to have fabricated a robbery story during the Rio Games.
“We cannot condone behavior that is counter to the values this brand has long stood for,” the company said 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,” it added.
Speedo is the first major sponsor to steer away from Lochte after the 12-time Olympic medalist and winner of the 4x200m freestyle relay gold in Rio stirred global controversy when it emerged his headline-grabbing account of a robbery at gunpoint was made up.
Lochte had claimed he and three teammates, Gunnar Bentz, Jack Conger and James Feigen, were robbed by gunmen Sunday, Aug. 14, but within hours his account was challenged by Rio police officials, who said the swimmers vandalized a gas station bathroom and were asked money for repairs.
Lochte initially stuck to his story but then apologized days later for not being “careful and candid”. He then directed his apology to the Brazilian nation on Saturday, saying: “Brazil doesn’t deserve that.”
