Many expected Ryan Lochte’s sponsors to act quickly following his behavior in Rio, and on Monday they fell like dominoes.
Speedo USA became the first major brand to drop its sponsorship of the 32-year-old swimmer, saying that the company does not condone his behavior.
“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 said in a statement.
Speedo also announced that it will donate a $50,000 portion of Lochte’s fee to Save The Children, a charity partner of Speedo, for children in Brazil.
After the announcement by Speedo USA, Lochte soon lost endorsement deals from his three other major sponsors: Ralph Lauren, Gentle Hair Removal and the mattress company Airweave.
All of the companies issued statements either ending or choosing not to renew their deals with Lochte.
According to ESPN’s Darren Rovell, the decisions cost Lochte about a million dollars.
Industry sources tell me Lochte lost about $1 million in current endorsement deals today.
— Darren Rovell (@darrenrovell) August 22, 2016
Lochte recently admitted that he “over-exaggerated” his story about being robbed in Rio de Janeiro during the Olympics, and has apologized to the city and the country of Brazil for his actions.
The United States Olympic Committee and USA Swimming have also indicated that Lochte will receive some sort of punishment from them as well.