Speedo, Ralph Lauren drops sponsorship of Ryan Lochte

United States' Ryan Lochte competes in a men's 200-meter individual medley heat during the swimming competitions at the 2016 Summer Olympics, Wednesday, Aug. 10, 2016, in Rio de Janeiro, Brazil. (AP Photo/Michael Sohn)

NEW YORK (AP) – 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.

Ralph Lauren has also announced they have dropped his sponsorship.

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.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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