Ryan Lochte has now lost all of his sponsorship deals.
Speedo USA announced Monday that it is no longer backing the swimmer, a 12-time Olympic medalist. The decision came after Lochte apologized on NBC's Today for his "immature behavior" in Rio two weekends ago. "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," the company told E! News in a statement, adding, "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," Speedo USA continued, "and hope he moves forward and learns from this experience." Lochte issued a statement of his own, telling E! News, "I respect Speedo's decision and am grateful for the opportunities that our partnership has afforded me over the years. I am proud of the accomplishments that we have achieved together."
The swimmer's sponsorships were worth a reported $1 million annually, according to ESPN. Lochte needs those sponsorships in order to fund his training for the 2020 Games in Tokyo. Red flags were raised after Lochte's name and image were recently removed from Olympic endorser page on Ralph Lauren's website. In a statement to E! News, the fashion label said Monday, "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."