Rio police charge Ryan Lochte with making false report
Aug 31 2016 by Marjorie Miles
"We appreciate his many achievements and hope he moves forward and learns from this experience", Speedo said of Lochte.
Paul Swangard, managing director of the Warsaw Sports Marketing Center at the University of OR, said he wasn't surprised by the decision since most of Lochte's marketing value was tied to campaigns prior to the Olympics. Lochte later offered a different account and Rio de Janeiro police subsequently said he and his three fellow swimmers lied about the incident and allegedly vandalized a restroom in a gas station.
Ryan Lochte has had better weeks. Hair removal company Syneron Candela and Japanese mattress maker Airweave have also made a decision to distance themselves from the swimmer.
AP further reported that the incident has cut Lochte's short-lived marketability. "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", read a company statement. "We wish Ryan well on his future endeavours and thank him for the time he spent supporting our brand".
Speedo USA and Japanese mattress maker Airweave said Monday that they were ending their partnership with the embattled US swimmer.
"I am grateful for the opportunities that our partnership has afforded me over the years", he said.
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It was a PR nightmare for the U.S. Olympic committee, and now several of Lochte's sponsors are cutting ties with the athlete. The $50,000 supposedly given to Lochte, will be donated to a charity in Brazil. He could also face criminal charges in Brazil, where the other swimmers were initially barred from leaving the country until they were interviewed by authorities.
Lochte originally said that he and three other swimmers from the U.S. Gunnar Bentz, Jimmy Feigen and Jack Conger were in a taxi and pulled over by men that were wearing badges on August 14.
Later on, it was revealed that he and his friends were in a gas station and misbehaved. In a statement, the swimsuit maker officially ended the sponsorship for Lochte. He made a similar mea culpa to Brazil's main broadcaster, Globo.
The disgraced swimmer sat for an interview with Matt Lauer to address the controversy saying he "over-exaggerated" the story. "I am proud of the accomplishments we have achieved together".