Speedo Ends Deal With US Swimmer Ryan Lochte After Rio Controversy

Speedo USA has announced it is ending its sponsorship of US swimmer Ryan Lochte amid a backlash over his behaviour following the Rio Olympics.

Matress company Airweave LLC has also ended its endorsement of Lochte, along with fashion house Ralph Lauren and hair removal business Syneron Candela.

The swimwear firm said in a statement that while it had "a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team", it could not condone behaviour that was counter to its values.

It also said: "We appreciate his many achievements and hope he moves forward and learns from this experience."

Lochte has admitted he "over-exaggerated" his story about being robbed at gunpoint while competing at the Olympics in Brazil.

The 32-year-old had initially said he and three teammates had been pulled over in their taxi by gunmen posing as police who then robbed them.

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However, the group faced an angry backlash after police accused Lochte of fabricating the story to cover up vandalising a petrol station toilet.

Lochte has since apologised to Olympics host Brazil, saying he was "110%" sorry and blaming his immaturity for causing "all this ruckus".

Last week, the International Olympic Committee said it will start a disciplinary inquiry into Lochte and other US swimmers James Feigen, Gunnar Bentz and Jack Conger.

The story is said to have embarrassed the IOC and the US Olympics Committee (USOC), which has described the behaviour of the sportsmen as "not acceptable".

Speedo is the first major company to drop its sponsorship of the swimmer.

The swimwear firm has also said it is going to donate $50,000 from Lochte's sponsorship fee to to the global charity Save (Milan: SAVE.MI - news) the Children to help youngsters in Brazil.