Ryan Lochte Loses 4 Major Sponsorship Deals Following Rio Scandal

From Cosmopolitan

Ryan Lochte may finally be starting to feel the effects of his lie about being robbed at gunpoint in Rio.

On Monday, Speedo, Ralph Lauren, Airweave, and Syneron Candela all terminated their contracts with the swimmer, costing him approximately $1 million in annual sponsorship money that would have likely gone toward paying for his training for Tokyo 2020.

Speedo was the first to terminate their contract with the swimmer, saying they would donate $50,000 of Lochte's fee to Save The Children, a charity dedicated to helping kids in need 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," they said in a statement. "We appreciate his many achievements and hope he moves forward and learns from this experience."

Shortly after, Ralph Lauren announced the termination of their contract with Lochte, as well, saying the endorsement deal was "specifically in support of the Rio 2016 Olympic Games," and they "will not be renewing his contract." Airweave offered a similar explanation for cutting ties with Lochte. However, both emphasized they would still continue to support other athletes at both the Olympics and Paralympics.

Syneron Candela, which produces a variety of skin-care and hair removal products, also released a statement Sunday, stating Lochte's actions did not live up to the company's standards.

"We hold our employees to high standards, and we expect the same of our business partners," they said in a statement. "We wish Ryan well on his future endeavors and thank him for the time he spent supporting our brand."

So far Lochte has only responded to Speedo's decision, issuing a statement thanking them for their support over the years.

"I respect Speedo's decision and am grateful for the opportunities that our partnership has afforded me over the years," he said. "I am proud of the accomplishments we have achieved together."

Originally, Lochte claimed he and fellow Team USA swimmers James Feigen, Jack Conger, and Gunnar Bentz had been robbed at gunpoint two weeks ago after a night of partying. Authorities quickly discovered what had actually happened was the swimmers had vandalized a local gas station and came up with the story to avoid getting into trouble. Conger and Bentz were allowed to leave Rio after admitting to authorities Lochte had made the whole thing up, while Feigen was allowed to leave after making an $11,000 donation to Reaction Institute, a local charity.

Additional reporting from the Associated Press.

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