Ryan Lochte lied in Rio, and now he’s paying the price — not just with his reputation but with his wallet. On Monday, both Speedo and Ralph Lauren ended their endorsement deals with the swimmer.
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“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 company said in a statement. “We appreciate his many achievements and hope he moves forward and learns from this experience.”
Speedo will donate a $50,000 portion of Lochte’s endorsement fee to Save The Children, particularly earmarking the funds for Brazilian children.
Ralph Lauren has also decided to discontinue their relationship with Lochte. “Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody,” the company statement read. “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.”