Amidst the drama that ensued in Rio de Janeiro during the 2016 Summer Olympics, Olympic medalist Ryan Lochte loses two major sponsorship because of the scandal that happened in Rio de Janeiro where the swimmer claimed they were stopped by armed men dressed in cop uniform and robbed at gunpoint.
The CCTV footage that captured the moment at a gas station did not appear to be in line with Ryan Lochte’s statements. The saga continued for a week with no proper evidence that can support Ryan Lochte’s story. As a result, Speedo withdrew its sponsorship of the swimmer. Following that suit, Ralph Lauren also withrew its support of the swimmer and stated that it will not renew its contract with Ryan.
Ryan Lochte did appear on NBC and had stated that he may have “exaggerated the story” a bit when he first appeared to issue a statement.