ABC News reports:
Speedo USA said today that it has decided to terminate its sponsorship of U.S. swimmer Ryan Lochte after he admitted to lying to Rio police about being held up at gunpoint.
“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,” the company said in a statement.
“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,” the company added.
Lochte still has deals with Airweave, Ralph Lauren, and others. For now.