The News Herald (Willoughby, OH)
Lochte sponsorships take a quick nosedive
After his disastrous night out in Rio de Janeiro after completing his duties with the United States wimming team, Ryan Lochte’s sponsors back out of agreements, including Speedo USA.
Less than 24 hours after the close of the Rio Olympics, Ryan Lochte took a major financial hit Aug. 22 for a drunken incident he initially tried to pass off as an armed robbery.
In quick succession, four sponsors announced they were dumping the swimmer, who has since apologized and conceded that he embellished what happened during a now-infamous stop at a Rio gas station.
Swimsuit company Speedo USA, clothing giant Ralph Lauren and skincare firm Syneron-Candela issued statements less than three hours apart, all with the same message: Lochte is out. Before the day was done, Japanese mattress maker airweave followed suit, essentially wiping out Lochte’s income away from the pool.
In addition, Speedo USA said $50,000 that would’ve gone to the 12-time Olympic medalist was being donated to Save The Children to benefit needy youngsters in Brazil.
“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 prominent swimsuit company said. “We appreciate his many achievements and hope he moves forward and learns from this experience.”
Ralph Lauren, which provided the Polo-branded attire worn by the U.S. team at the opening and closing ceremonies, said it would not be renewing the contract that provided Lochte with financial support leading up to Rio. The statement from airweave said it had a similar arrangement with the swimmer. Both stressed they would continue their support of the U.S. Olympic and Paralympic teams.
Lochte issued a statement through his public relations firm thanking Speedo USA for its long support. He did not immediately address the other companies dropping their endorsements.
“I respect Speedo’s decision and am grateful for the opportunities that our partnership has afforded me over the years,” Lochte said.
The financial costs of losing Speedo and Ralph Lauren are likely to be only the first sanctions that await Lochte, whose antics tarnished a powerful showing by the American team and dominating news away from the stadiums and arenas in the final days of the Rio Games.
Both the U.S. Olympic Committee and USA Swimming have indicated that Lochte will be punished, perhaps endangering the 32-year-old’s hopes of competing in a fifth Olympics at Tokyo in 2020. 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.