The swimwear company will also donate $50,000, a portion of Lochte's fee, to children of Brazil
Swimwear giants Speedo have ended their sponsorship deal with swimmer Ryan Lochte in the wake of the American's brush with Brazilian authorities during the Olympic Games.
The 32-year-old falsified reports that he and some of his fellow Team USA swimmers had been robbed at gunpoint whilst returning to their accommodation at Casa Franca after a night socialising.
After Brazilian police investigated the matter, they uncovered evidence - CCTV footage of the swimmers returning to their accommodation with their belongings and of them at a petrol station - that did not conform with their story.
Lochte later admitted he had "over-exaggerated" claims of the robbery, after the stating that the group had been confronted by men who showed them police badges, before one of them "pulled out his gun, he cocked it, put it to my forehead and said 'get down'".
He later appeared on American TV station NBC to confess that some of the claims had been embellished.
Now, Speedo USA have moved to end their sponsorship with the swimmer, claiming that he presented behaviour "that is counter to the values" of the brand.
They said: "Speedo USA today announces the decision to end its sponsorship deal 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 enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behaviour that is counter to the values this brand has stood for. We appreciate his many achievements and hope he moves forward and learns from this experience."
The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD— Speedo USA (@SpeedoUSA) August 22, 2016