By: Jon Corrigan
It appears Ryan Lochte’s mistake in Rio is damaging more than his public image.
ABC News reports, Speedo USA announced it’s ended its sponsorship of the U.S. swimmer on Monday after he lied about a robbery he claimed occurred after a night out with a few of his teammates in Rio de Janeiro during the Olympics.
Speedo released a statement regarding its decision:
“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.
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.”
According to Money Nation, Speedo has paid Lochte around $500,000 per year since 2006.
The swimmer is reportedly worth $6.2 million, with most of his income coming from endorsements.