Monday, August 22, 2016

Ryan Lochte Loses Endorsement Deals After Olympics Scandal

Ryan Lochte’s Olympic-sized lie in Rio cost him his sponsorship deals — away they went Monday, one by one.

First, Speedo announced that it has dropped the U.S. swimmer since it “cannot condone behavior that is counter to the values this brand has long stood for.” Speedo USA will donate a $50,000 portion of Lochte’s fee to Save The Children, which is a global charity partner of the parent company, for children in Brazil, the company said.

The Olympic athlete also lost his endorsement deals with Gentle Hair Removal and Airweave; Ralph Lauren said its deal with Lochte was"specifically in support of the Rio 2016" and won't be renewed.

Lochte, along with U.S. swim teammates Jimmy Feigen, Jack Conger and Gunnar Bentz had claimed they were robbed at gunpoint by men posing as cops while heading back to Olympic Village in a taxi on Aug. 14.

However, after an investigation, Rio police concluded that the athletes were drunk, vandalized a gas station and were detained by armed security until they paid for the damage they caused.

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