Apparently swimwear manufacturer Speedo doesn't think Olympic swimmer Ryan Lochte is "just a kid". Speedo USA announced it has terminated its sponsorship of Lochte after the 32-year-old gold medalist admitted lying about being robbed in Brazil last week.
Speedo USA, whose parent company is based in Nottingham, England, issued a statement on Monday:
"Speedo USA today announces the decision to end its sponsorship of Ryan Lochte. As part of this decision, Speedo USA will donate a $50,000 portion of Lochte’s fee to Save The Children, a global charity partner of Speedo USA’s parent company, for children in Brazil.
"While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behavior that is counter to the values this brand has long stood for. We appreciate his many achievements and hope he moves forward and learns from this experience."
Lochte and 3 of his pals on the U.S. men's swim team vandalized a gas station bathroom in Rio de Janeiro after a night out drinking. Lochte paid the gas station owner the equivalent of 20 U.S. dollars for the damage.
He went on to spin a web of lies about being held up at gunpoint.
After the backlash, Lochte offered a half hearted apology in a post on Facebook.com, portraying himself as a victim in a foreign country with a language barrier.
He later admitted he "over-exaggerated" his story in a statement to NBC's Matt Lauer.
"That didn’t happen," he told Lauer.
U.S. Olympic Committee CEO Scott Blackmun announced Sunday that disciplinary action would be taken against Lochte and his pals on the swim team.