Speedo is the first Ryan Lochte sponsor to cut its ties with the disgraced U.S. swimmer.
“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,” said its statement. “We appreciate his many achievements and hope he moves forward and learns from this experience.”
Lochte and three teammates said they had been robbed at gunpoint after attending a party at the Olympics, but it was soon discovered the four athletes allegedly vandalized a gas station and urinated on the building. Authorities in Brazil denied any robbery took place.
On Friday, he apologized in a statement, saying he should have been “more careful and candid” from the get-go. In the excerpt shown on NBC, Lochte said “I over-exaggerated that story and if I had never done that we wouldn’t be in this mess.”
On Monday he said he respects Speedo’s decision to end his sponsorship.
“I am grateful for the opportunities that our partnership has afforded me over the years,” he said. “I am proud of the accomplishments that we have achieved together.”
Speedo initially said it was following the situation and that it has a policy not to comment on ongoing legal investigations. Monday it said it will donate a $50,000 portion of Lochte’s fee to Save the Children for children in Brazil.