Big-name sponsors abandon Lochte

Two high-profile sponsors have dropped US Olympic swimmer Ryan Lochte after he lied about being robbed at gunpoint at the Rio Olympics.

Swimwear manufacturer Speedo and fashion label Ralph Lauren have both made announcements confirming they have dropped their sponsorships of the six-time Olympic gold medallist.

Speedo said: “We cannot condone behaviour that is counter to the values this brand has long stood for.”

Lochte thanked the company for their backing.

“I am grateful for the opportunities that our partnership has afforded me over the years,” he said.

The value of the Speedo sponsorship – a 10-year deal that was up for renewal later this year – is undisclosed.

Ralph Lauren said their sponsorship was only for the duration of the Olympics and would not be continuing.

Syneron Candela, a hair removal company, also cancelled its sponsorship of the swimmer.

Altogether, Forbes magazine estimates that Lochte would have earned between $1m-$2m from endorsements during this year’s Olympics.

Lochte’s performances in Rio were not as impressive as what they were during the London 2012 games, where he won 400m medley and 4x200m freestyle gold, 200m medley and 4x100m freestyle silver and 200m backstroke bronze.

His only silverware this year was the gold medal he won with Michael Phelps, Townley Haas and Conor Dwyer in the 4×200m freestyle relay.