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.
As part of the decision, Speedo said 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.
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.
Read the full statement, tweeted by Speedo, below: