Ryan Lochte losing respect in the public eye is one thing, but losing his sponsorship deals following the robbery scandal in Rio is another story!
After the American swimmer’s scandal in the 2016 Rio Olympics, his major sponsors pulled out which includes Speedo USA, Ralph Lauren, Airweave and Syneron Candela. An ?estimated $1 million dollars will be lost, according to ESPN.
These companies issued statements about their decision to drop their contracts with Lochte. Speedo was one of his longest running sponsors dating back to 2006. The company decided to donate the remaining $50,000 of his contract to ?Save The Children? charity foundation.
They Walked Away, One by One
Ralph Lauren released their own statement on Monday saying, “Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody. Ralph Lauren’s endorsement agreement with Ryan Lochte was specifically in support of the Rio 2016 Olympic Games and the company will not be renewing his contract.”
Syneron Candela also had the same sentiment when they cut ties with the Olympian who started promoting their laser hair removal system this April.
“Syneron Candela will be ending its partnership with Ryan Lochte. We hold our employees to high standards, and we expect the same of our business partners. We wish Ryan well on his future endeavors and thank him for the time he spent supporting our brand,” said a representative issuing the statement.
The final blow came when Airweave released their statement on Monday, on why they needed to part ways with Lochte.
“Airweave is a proud sponsor of the U.S. Olympic and Paralympic Teams and our dedication to athletic achievement is unwavering. Our endorsement agreement with Ryan Lochte was in support of the Rio 2016 Olympic Games. After careful consideration, we have made the decision to end our partnership with Ryan Lochte. We remain committed to supporting Team USA and the athletes preparing for the Paralympic games,” the company said.
A Glimmer of Hope
Lochte’s career is not totally over though, according to Jonathan Bernstein, president of Bernstein Crisis Management. The public is ready to forgive if Lochte moves forward with absolute humility and honesty.
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