Ryan Lochte is facing the consequences of his actions in Rio Olympics with the loss of his million-dollar sponsorship grants because of brands pulling out their name from him with regards to his illaudable behavior. Speedo, Ralph Lauren, Airweave, and Gentle Hair Removal are the four companies who expressed dissatisfaction with the Olympian and broadcasted their withdrawal from contracts.
ESPN's Darren Rovell posted on Twitter that according to his industry sources a total of $1 million is the estimated price that Lochte loss with the removal of his sponsors.
The evidently advertised cancellation of sponsorships by the brands is seen as a wise move. The companies are using the athlete's downfall to endorse their products which are obviously marketed now than when Lochte was not facing any controversies, as reported by Business Insider.
Some athletes who faced bigger disputes than Lochte lose their sponsorships after a considerable amount of time just because their mishaps were not as publicized as Lochte's had. People will not know that Lochte actually endorsed these brands until the companies announced their withdrawal of sponsorship which was the market strategy they did, the publication reported.
Meanwhile, Lochte is reportedly devastated with the current turn of events. He was said to be evaluating his actions according to an insider of E! News. The insider stated, "He honestly did not think this was going to be blown out of proportion like it was. He just felt like he had to keep up with this lie or else."
With the concentrated attention of the people and the media with Lochte's mess, he may have to wait longer for it to tone down as continuous investigations are still gallivanting and theories are still circulating on what really went down from the situation at Rio.
Lochte issued apologies via various means. One of which can be watched below.
