Speedo Drops Sponsorship Of Ryan Lochte After Rio Ordeal
PHILADELPHIA (CBS) -- Speedo has announced it is cutting ties with Olympic swimmer Ryan Lochte after the controversy in Rio.
Speedo said in a press release: 'Speedo USA announces its decision to end its sponsorship of Ryan Lochte. As part of this decision, Speedo USA will donate a $50,000 of Lochte's fee to Save The Children, a global charity partner of Speedo USA's parent company, for children in Brazil."
READ: US Swimmer Lochte Apologizes Over Rio Behavior
Lochte apologized for his behavior in Rio, saying on Instagram, "I wanted to apologize for my behavior last weekend — for not being more careful and candid in how I described the events of that early morning and for my role in taking the focus away from the many athletes fulfilling their dreams of participating in the Olympics."
READ: Michael Phelps Breaks Silence On Ryan Lochte Scandal
Speedo 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."
The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD
— Speedo USA (@SpeedoUSA) August 22, 2016