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Speedo USA becomes the first major sponsor to drop Lochte

FILE - In this Aug. 11, 2016, file photo, United States' Ryan Lochte competes in the men's 200-meter individual medley final during the swimming competitions at the 2016 Summer Olympics, in Rio de Janeiro, Brazil. Speedo is the first major sponsor to drop swimmer Ryan Lochte as a sponsor. The swimsuit maker owned by PVH in New York says that it doesn’t condone behavior that is counter to its values. Lochte fabricated a tale that he was robbed at gunpoint in Rio de Janeiro during the Olympics. He later apologized. (AP Photo/Michael Sohn, File) FILE - In this Aug. 11, 2016, file photo, United States' Ryan Lochte competes in the men's 200-meter individual medley final during the swimming competitions at the 2016 Summer Olympics, in Rio de Janeiro, Brazil. Speedo is the first major sponsor to drop swimmer Ryan Lochte as a sponsor. The swimsuit maker owned by PVH in New York says that it doesn’t condone behavior that is counter to its values. Lochte fabricated a tale that he was robbed at gunpoint in Rio de Janeiro during the Olympics. He later apologized. (AP Photo/Michael Sohn, File)

By Associated Press August 22, 2016 1 min read

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.