Ryan Lochte has lost a one-million-dollar a year endorsement deal with Speedo for lying about being robbed in Brazil.
Speedo released a statement which read, “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,” Speedo USA concluded, “and hope he moves forward and learns from this experience.”
Lochte issued a statement of his own stating, “I respect Speedo’s decision and am grateful for the opportunities that our partnership has afforded me over the years. I am proud of the accomplishments that we have achieved together.”
ESPN reports Speedo pays Lochte $1 million annually. Without that cash, he can’t finance his training for the 2020 Games in Tokyo.
The Olympic swimmer’s other sponsors include, Ralph Lauren, Airweave, and Marriott. Ralph Lauren’s website has removed Lochte’s name and image from its list of Olympic endorsed athletes.
In a bid to mend what’s left of his public image and not lose other deals, Lochte has employed the help of Matthew Hiltzik, a crisis manager.