Speedo has cancelled its sponsorship deal with Ryan Lochte after it emerged last week that Lochte lied about getting robbed at gunpoint by thieves posing as Rio cops.
When in fact, together with others they had vandalised the bathroom of a gas station and were only held at a gunpoint by the security to prevent them from escaping before the arrival of called Law Enforcement Officers.
Now, swimwear maker-Speedo USA has stated today-Monday it was dropping Olympic gold medal swimmer as a paid endorser.
In a statement, Speedo said: “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 statement added.
Speedo also said it will donate $50,000 of Lochte’s fee to Save The Children to benefit needy youngsters in Brazil.
Speedo is one of Ryan Lochte’s big sponsors.