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Speedo has ended its 10-year endorsement relationship with 12-time Olympic medalist Ryan Lochte.
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Speedo USA has cut ties with Ryan Lochte, ending its sponsorship of the swimmer after it became clear he lied about key details of an incident at a Brazilian gas station and left teammates to face legal jeopardy in Rio.
Lochte signed a 10-year deal with Speedo in 2006 after finishing his college career at Florida, at the time the longest contract for a male athlete in Speedo history.
“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,” reads a Speedo statement issued this morning. “We appreciate his many achievements and hope he moves forward and learns from this experience.”
Speedo said it would donate $50,000 from Lochte’s fee to Save the Children, a global charity partner of Speedo Parent PVH, for children in Brazil.
Speedo is the first Lochte sponsor to officially sever its relationship after last week’s controversy, for which Lochte has apologized. Over the weekend, however, both Airweave and Polo Ralph Lauren scrubbed their websites of his image without comment.
Industry sources have pegged the current value of Lochte’s sponsorship portfolio at more than $500,000 annually, not including performance incentives. He is still awaiting word on further punishment from the U.S. Olympic Committee or USA Swimming, which could ban him from competition, further complicating his future as a corporate spokesman.
CAA Sports, which represents Lochte, did not immediately return messages seeking comment. Lochte, a 12-time Olympic medalist, has appeared in the last four Games and competed for Team USA since 2003.
