One of the biggest names in the sport of swimming has officially cut ties with Ryan Lochte. In the week following the debacle surrounding Lochte and his apparently fabricated story regarding the events at a gas station in Rio, Speedo announced on Monday that it would officially be ending its sponsorship with Lochte. ESPN's Darren Rovell released Speedo's official statement on Monday.
Rovell added that Speedo's announcement could have a domino-effect on some of Lochte's other endorsements -- Ralph Lauren recently removed Lochte from its U.S. Swimming ads.
"This is going to take out, probably, all of his endorsements," Rovell said on ESPN as transcribed by College Spun. "He has a big deal with Speedo, a big deal with Ralph Lauren - those are his two biggest deals - he has one with Marriott, one with Airweave, a mattress company."
After insisting that an armed thief masquerading as a police officer held a gun to his head during a robbery in Rio, Lochte told NBC's Matt Laurer, in remarks that aired Saturday night, that he "embelished" his story.Lochte said:
"That's why I'm taking full responsibility for it is because I over-exaggerated that story. If I never had done that, we wouldn't be in this mess. None of this would have happened and it was my immature behavior."
Lochte's damage control comes after he issued a apology on Instagram for his behavior. It also comes after two of his relay teammates -- Jack Conger and Gunnar Bentz -- issued statements in which they, in essence, thew Lochte under the bus when they said Lochte fabricated the original story.
RELATED: Lochte issues an apology for his behavior.
Originally, Lochte claimed that he and his teammates were held at gun point and robbed by two men posing as Rio police officers, and one of them pointed a gun pointed at his forehead.
"He took our money, he took my wallet -- he left my cell phone, he left my credentials," Lochte said.
Lochte said, in his apology, that he should have more accurately described what happened. Bentz, in his statement, said men he believed to be security guards detained the swimmers after Lochte damaged a poster at a gas station. The swimmers has stopped their to use the restroom. One of the guards drew a gun, Bentz said, but the simmers were allowed to leave after paying for the damage.
The incident has caused an uproar in Brazil as the country is very sensitive about perceptions of crime, especially during the Olympics. Brazilian authorities threatened to file charges of filing a false report in the case, but with all of the swimmers back in the United States -- including Jimmy Feigen, the fourth member of the relay team -- that seems unlikely.
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