Speedo has released a statement stating they are dropping their sponsorship with Ryan Lochte after his mishap in Rio.

In the statement the company said "Speedo USA today announces the decision to end its sponsorship of Ryan Lochte. As part of this decision, 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. 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 and hope he moves forward and learns from this experience."

Lochte has released an apology for his behavior in Rio when he and three teammates were accused of defacing property at a gas station.