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Update: Ralph Lauren joins Speedo USA in dropping Lochte

Associated Press • Updated Aug 22, 2016 at 1:58 PM

Ryan Lochte has lost two majors sponsors after Speedo USA and Ralph Lauren announced they are dumping the swimmer over a drunken incident during the Rio Olympics that he initially described as an armed robbery.

Both companies announced their decisions Monday, one day after the end of the games.

Speedo says it will donate $50,000 of Lochte’s fee to Save The Children to benefit needy youngsters in Brazil. Ralph Lauren says its sponsorship of Lochte was specifically in support of the Rio Olympics and the contract will not be renewed.

Lochte initially said he and three swimming teammates were robbed after their taxi was pulled over by armed men posing as police. He has since apologized for embellishing what officials now say was a dispute over vandalism at a gas station.

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Earlier:

Ryan Lochte lost his first major sponsor when Speedo USA announced it is dropping the swimmer over a drunken incident during the Rio Olympics that he initially described as an armed robbery.

As part of the decision, Speedo said Monday it will donate $50,000 of Lochte’s fee to Save The Children to benefit needy youngsters in Brazil.

Speedo says that while it had “a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team,” it could not condone his behavior after the end of Rio’s swimming competition.

At first, Lochte said he and three swimming teammates were robbed after their taxi was pulled over by armed men posing as police. He has since apologized for embellishing his version of events.

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