Olympian Ryan Lochte loses endorsements with four sponsors after Rio robbing story
23 August 2016 Entertainment News
Fourth Estate Staff
Los Angeles, CA, United States (4E) – Ryan Lochte recently revealed that he over-exaggerated his story regarding being robbed at gunpoint in Rio de Janeiro while he and three other U.S. swimmers were out after partying and now he has lost all of his four sponsors regarding endorsing their brand.
The four companies were identified as Speedo, Gentle Hair Removal, Airweave , and Ralph Lauren. Speedo, Gentle Hair Removal, and Airweave said that they have terminated their deals with Lochte while Ralph Lauren said they will not be renewing their deal with him.
Speedo signed Lochte to a 10-year deal back in 2006. In their statement on Monday, they 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." Speedo will also donate $50,000 of the endorsement fee of Lochte to the charity Save The Children in Brazil. It was not clear for how many more months the contract of Lochte is valid since it was set to expire this year.
As for Gentle Hair Removal, the parent company Syneron Candela issued a statement about terminating their relationship with the decorated Olympian. They said that they wished Lochte well on his future endeavors.
Airweave also released a statement saying that they are a proud sponsor for the U.S. Olympic and Paralympic Teams but their endorsement agreement with Lochte will now come to an end.
Ralph Lauren, on the other hand, said, "Ralph Lauren's endorsement agreement with Ryan Lochte was specifically in support of the Rio 2016 Olympic Games and the company will not be renewing his contract."
Lochte commented only on the statement of Speedo. He said that he respects their decision and he is grateful for the opportunities given to him.
Lochte and the three other swimmers reportedly vandalized a bathroom at a gas station resulting in armed security guards to confront them. Lochte admitted that he was drunk and that his initial statement that the gun was pointed to his forehead was not true. He said that the gun was pointed in their general direction. They were also not robbed, instead the security guards made them pay for the damage they caused.