American swimmer Ryan Lochte’s four active sponsors have decided to ditch him – and now the athlete is left with zero sponsor.
Since his biggest sponsor Speedo took the first plunge to drop Lochte on Monday morning, other sponsors including Ralph Lauren, Gentle Hair Removal and Airweave have all promised to cut ties with Lochte after the swimmer admitted that he lied about being robbed at gunpoint.
Lochte initially claimed he was robbed at gunpoint while traveling back to Rio's Olympic Village with three of his teammates on Sunday morning. But, a thorough investigation proved that this wasn't the case - he actually got into an altercation with police after unsuccessfully trying to use the locked toilet at a garage.
Speedo USA announced its decision to drop Lochte after his robbery claim was officially debunked and the Olympian swimmer posted an apology on Instagram.
Lochte said he respected Speedo's decision and thanked the company for the opportunities given over the years.
The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD
— Speedo USA (@SpeedoUSA) August 22, 2016
Meanwhile, Ralph Lauren said its sponsorship with the swimmer had been only for Rio Olympics and the contract will not be renewed. The 32-year-old athlete, also a 12-time Olympic gold medalist, has earned millions of dollars through endorsements.
Meanwhile, here is Lochte's apology on Instagram last Friday after he was found lying.
According to Forbes, Lochte is estimated to earn between US$1 million to US$2 million on his endorsements alone at Rio this year.
With 12 Olympic medals, Lochte is one of the most successful swimmers in history. He swam in two events in Rio and won a gold medal in the 4 x 200m freestyle relay along with teammate Jack Conger.