One of the oddest stories to come out of the Olympics was the alleged robbery involving Ryan Lochte. The U.S. swimmer claimed he and three other teammates were robbed at gunpoint. An investigation by Brazilian authorities found holes in their story, leading to the Olympian apologizing.
It was a PR nightmare for the U.S. Olympic committee, and now several of Lochte’s sponsors are cutting ties with the athlete.
Within hours of the Games coming to a close, swimwear maker Speedo USA issued a statement saying it would drop Lochte as one of its endorsers. Its global headquarters says it will donate 50,000 dollars of Lochte’s fee to Save The Children, a global charity partner of Speedo.
Luxury retailer Ralph Lauren said it would not be renewing its contract with the swimmer. Hair removal company Syneron Candela and Japanese mattress maker Airweave have also decided to distance themselves from the swimmer.
Sponsorship and endorsement deals typically include “morals clauses” that allow sponsors to terminate deals early if they feel an athlete portrays a poor public image.