Ryan Lochte paying the price for his Rio lies

Ryan Lochte loses four sponsorship deals after falsely claiming he was robbed at gunpoint; Speedo to donate US swimmer's USD 50,000 dues to kids charity in Brazil

Washington: Olympic swimmer Ryan Lochte lost four sponsorship deals on Monday — a major financial hit for the embattled gold medalist stemming from his spurious claim of being robbed at gunpoint in Rio, a story later discredited by Brazilian police.

Ryan Lochte

Global swimwear brand Speedo and US fashion label Ralph Lauren topped the list of companies that ended their relationships with the 32-year-old Lochte, with the former noting his actions had not reflected the "values" it wished to promote. Mattress company Airweave and Syneron Candela, the parent company for a laser hair removal system that Lochte promoted, quickly followed suit.

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 quickly unraveled as new witness testimony and surveillance video surfaced.

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

After issuing an apology that was widely ridiculed online as half-hearted, Lochte admitted in an interview with NBC aired Saturday that he had "left details out" and "overexaggerated some parts of the story."

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