Speedo USA, Ralph Lauren drop Lochte after Rio incident

FILE - In this Aug. 11, 2016, file photo, United States' Ryan Lochte competes in the men's 200-meter individual medley final during the swimming competitions at the 2016 Summer Olympics, in Rio de Janeiro, Brazil. Speedo is the first major sponsor to drop swimmer Ryan Lochte as a sponsor. The swimsuit maker owned by PVH in New York says that it doesn’t condone behavior that is counter to its values. Lochte fabricated a tale that he was robbed at gunpoint in Rio de Janeiro during the Olympics. He later apologized. (AP Photo/Michael Sohn, File)

Ryan Lochte has lost two majors sponsors after Speedo USA and Ralph Lauren announced they are dumping the swimmer over a drunken incident during the Rio Olympics that he initially described as an armed robbery.

Both companies announced their decisions Monday, one day after the end of the games.

Speedo says it will donate $50,000 of Lochte’s fee to Save The Children to benefit needy youngsters in Brazil. Ralph Lauren says its sponsorship of Lochte was specifically in support of the Rio Olympics and the contract will not be renewed.

Lochte initially said he and three swimming teammates were robbed after their taxi was pulled over by armed men posing as police. He has since apologized for embellishing what officials now say was a dispute over vandalism at a gas station.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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