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HomeSportsOlympics 2016: Speedo, Ralph Lauren drop Ryan Lochte after scandal in Rio

Olympics 2016: Speedo, Ralph Lauren drop Ryan Lochte after scandal in Rio

Embattled star Olympic swimmer Ryan Lochte lost two major endorsement deals on Monday following his false claim that he had been robbed at gunpoint in Rio, with Speedo and Ralph Lauren pulling the plug.

Ryan Lochte-AV

Both the global swimwear brand and the US fashion label said they were ending their relationships with the 32-year-old Lochte as his actions had not reflected the “values” they wish to promote.

Lochte claimed he and three of his teammates — all of them gold medal winners in Rio — were mugged by robbers pretending to be police after a night out, but the story was quickly discredited by other witness testimony and surveillance video.

Police said the group had been detained over the vandalization of a gas station bathroom, apparently led by a drunken Lochte — a major embarrassment for Team USA, an Olympic swimming powerhouse.

“Speedo USA announces the decision to end its sponsorship of Ryan Lochte,” the company said in a statement, noting that the company will donate $50,000 of Lochte`s fees to Save the Children, to go towards helping Brazilian children.

“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,” it said.

“We appreciate his many achievements and hope he moves forward and learns from this experience,” Speedo USA said of Lochte, who has won a total of 12 medals in Olympic competition during his career, six of them gold.

In a statement to E! News, Lochte said he was “grateful for the opportunities” afforded to him by his ties with Speedo — a 10-year deal that was due to end this year.

Ralph Lauren, which outfitted Team USA for the Olympic opening and closing ceremonies in Rio, said it too was finished with Lochte.

“Ralph Lauren continues to proudly sponsor the US Olympic and Paralympic Team and the values that its athletes embody,” it said in a statement.

“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.”

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